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common elements, the amount for which shall not exceed
11,000.00, provided however, that in the expenditures of
this fund no sum in excess of =1,000.00 shall be expended
for a single item or purpose without approval of the
members of the Association.
(e) Operations, the amount of which may be to
provide a working fund or to meet losses.
(f) Copies of the budget and proposed assessments
shall be transmitted to each member on or before December i
1, preceding the year for which the budget is made. If
the budget is amended subsequently, a copy of the amended
budget shall be furnished to each member.
6.3 Assessments against the unit owners for their shares
of the items of the budget shall be made for the calendar year ~
annually in advance on or before December 20 preceding the year
for which the assessments are made. Such assessments shall. be
due in two equal installments on the first days of January and
-July of the year for which the assessments are made. If an
annual assessment is not made as required, an assessment shall
be presumed to have been made in the amount of the last prior
assessment and semiannual installments on such assessment shall
be due upon each installment payment date until changed by an
amended assessment. In the event the annual assessment proves
to be insufficient, the budget and assessments may be amended
at any time by the Board of Directors if the accounts of the
amended budget do not exceed the limitations for that year.
Any account that does exceed such limitation shall be subject
to the approval of the membership of the Association as
previously required by these By-Laws. The unpaid assessment
for the remaining portion of the calendar year for which the
amended assessment is made shall be due upon the date of the
assessment if made on or after_July 1; and if made prior to
July 1, one-half of the increase shall be due upon the date of
the assessment and the balance of the assessment upon the next
July 1. The first assessment shall be determined by the Board
of Directors of the Association.
6.4 If a unit owner shall be in default in the payment of
~ an installment upon an assessment, the Board of Directors may
accelerate the remaining installments of the assessment upon
notice to the unit owner, and then the unpaid balance of the
assessment shall come due upon the date stated in the notice,
~ but not less than ten (10) days after delivery of the notice to
~ the unit owner, or not less than twenty (20) days after the
mailing of such notice to him by registered or certified mail,
whichever shall first occur.
6.5 Assessments for common expenses of emergencies that
cannot be paid from the annual assessments for common expenses
shall be made only after notice of the need for such is given
to the unit owners concerned. After such notice and upon
~ approval in writing by persons entitled to cast more than
one-half of the votes of the unit owners concerned, the
assessment shall become effective, and it shall be due after
thirty (30) days notice in such manner as the Board of
Directors of the Association may require in the notice of
assessment.
~ 6.6 The depository of the Association shall be such bank
~ or banks as shall be designated from time to-time by the
directors and in which the moneys of the Association shall be
deposited. Withdrawal of moneys from such accounts shall be
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