HomeMy WebLinkAbout0195 Section 3. Address: The address for notice to the
Association is TARPO BAY YACIIT CLUB COtJDOttIHIUM tl ASSOCIATION,
ItIC., Tarpon Bay Yacht Club, 3100 Pruitt Road, Port St. Lucie,
Florida.
' ARTICLE VIII
6jNANCES
Section 1. Fiscal Year: The .fiscal year of the Association
shall be the calendar year, commencing January 1 of each year,
provided, however, that the Board of Directors is authorized to
change to a different fiscal year at such time as the Board deems
advisable.
Section 2. Checks: All checks or demands for money and
notes of the Associaia
on shall~be signed by any one of the
following officers: President, Secretary or Treasurer, or by such
officer(s) or such other person(s) as the Board of Directors may
from time to time designate.
Section 3. Depositories: The funds of the Association
shall be deposited in a bank(s) in St. Lucie County, Florida, in
an account for the Association under resolutions approved by the
Board of Directors, and shall be withdrawn only over the signature
of the Treasurer, the President or the Vice President, or such
other person(s) as the Board may authorize. The Board may require
more than one signature on checks and bank drafts. Said funds
shall be used only for Association purposes. If necessary, and if
demanded by Institutional Mortgagees, separate accounts shall be
established to maintain and disburse escrow funds required by
Institutional Mortgagees to.meet mortgage requirements as to--
establishment of escrows for real estate taxes and insurance
respecting condominium parcels.
Section 4. Inspections and Records: The 1ssociation shall
maintain good accounting records. All such records and any legal
documents, policies of insurance, and hooks of the Association
shall be open to inspection at reasonable times by members, their
authorized representatives, and all Institutional Mortgagees.
Upon request, Institutional Mortgagees shall have the right to
receive an unaudited financial statement of the Association within
ninety (90) days following the end of the fiscal year.
Section 5. Annual Statement: The Board of Directors shall
~ present at each annual meeting a full and clear statement of the
business and condition of the Association.
Section 6. Insurance: The Association shall procure,
maintain and keep in full force and effect, all insurance required
by and in accordance with the Declaration of Condominium.
Section 7. Fidelity Bonds: Fidelity bonds may be required
by the Board of Directors from all officers and employees of the
Association and from any contractor handling or responsible for
Association funds. The premiums for such bonds shall be paid by
the Association as a common expense.
Section 8. Assessments:
a
4
(a) The Board of Directors has the power to and shall
Fro'n t1ii1~? to tune fix and determine the amount
necns~3rg to pay the common •~xp^nse:~ of the
Condominium. Common expenses include those
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