HomeMy WebLinkAbout0863shall not thereafte~ be re-examined by the unit
owners in the manner set forth above, nor shall the
Board of Directors be recalled under the terms of
this sub-section.
(c) Each proposed annual budget of common expenses
adopted by the Board of Directors shall be detailed
and shall show the amounts budgeted by accounts and
expenses classifications, including, but not
limited to, the following:
1. Administration of the Association.
2. Management fees.
3. Maintenance.
4. Taxes upon Association properties, if any.
5 . Ins~.irance .
6. Security provisions.
7. Utilities.
8. Other expenses.
9. Operatinq capital.
10. Reserves.
11. Fees payable to Division of Florida Land
Sales and Condominiums.
(d) Regular assessments shall be made against unit
~ awners not less frequently than quarterly, in an
amount no less than required to provide funds in
advance for payment of all the anticipated current
operating expenses and for all of the unpaid
operating expenses previously incurred.
(e) The provisions of Florida Statute 718.112, with
regard to limitations on budget increases, special
membership meetings for budget reconstruction, and
the right to consider and adopt a budqet at the
annual membership meeting as an alternative, are
hereby adopted. In determination of the percent of
increase of the annual budget over the preceding
years, authorized provisions for reasonable
reserves for repair or replacement of the
condominium properties, anticipated expenses by the
Association which are not anticipated to be
incurred on a regular or annual basis, and
assessments for betterments to the condominium
properties shall be excluded from the computation.
(f) As long as Developer is in control of the
Association, the Association shall not impose an
assessment for any year greater than one hundred
fifteen per cent (115$) of the prior fiscal year's
assessment without approval by a majority of all
voting members.
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ATTORNEYS AT LAW
PO4T OFFIGE BOX 1000
FORT PIERGE. fLORIDA ~l4S0
T[~t~NOr+t. (3051161•6020
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