HomeMy WebLinkAbout1162AR'!'I ~'..f: \' 1 I I
E It:I,tJCES
Section 1. Fiscal 5'ear: The fi~cal year ef thc J,ssociation
shall be the calen~ar year, co~r.rr.encing January 1 of each year,
pro~-ided, however, that the Board of Director~ is authorized to
change to a different fiscal year at such time as the Board deems
advisable.
Section 2. ChecY.s: All checks or demands for money and
notes of the Association shall be signed br any one of the
following officers: Fresident, Secretar}- or Treasurer, or by such
of f icer ( s) or such other person ( s) as t he E3o~~rd of Di rectors may
from time to time desiynate.
Section 3. De ositories: The funds of the Association
- --~--- ----
shall be deposited in a bank(s) ih St. Lucie Cour.t}~, Florida, in
an account for ti~e Association under resolutior:s a~proved by the
8oard of Directors, and shall- be withdrawn only o~~er the signature
of the Ti~~asurer, the President or Lhe Vice Yresident, or such
other person(s) as the Board ma} auLhorize. Tt,e Board may require
more than one siynature oi~ checY.s and bank drafts. Said funds
shall be used only for Associatiot~ purposes. If necessary, and if
decranded by Institiitional Mortgagees, separat~ accounts shall be
established to maintain and disburse escrow £un~s required by
Institutional Mortgaa~•es to meet mortgage req~irements as to
establishment of escroM•s for real estate taxes and insurance
respecting condo~r:inium parcels. -
Section 4. lnspections and Records: 'I'i~~ Association shall
rnaintain good accounting records. All suct~ rucords and any legal
docurrents, pol icies of insurance, and b~o3;~ of the Association
shall be open to inspection at reasonable times b}• ~nerrbers, their
.autt~orized representatives, and all Institutional !•fortgagees.
Upon reque~t, Ir.stitutional Mortyaoees si~all have the riaht to
receive an unaudited financial staternent of thc Association within
ninety (90) days £ollowing the end of the fiscal year.
Section S. Annual Statement: The Board of Directors shall
present at each annual ir~eeting a full and clear statement of the
business and condi~ion of the I~ssociation.
Section 6. Insurance: The Association shall procure,
maintain and };eep n~full force and effect, al1 insurance reyuired
by and in accordance with the Declaration of Condominiun~.
Section 7. Fidelity Bonds: Fidelity bond~ may be required
by the Board of Directors from all officers and er~ployees of the
t~ssocia.tion and fro~r, any contractor handl iny or responsible for
hssociation funds. The ~remiums for such bonds shall be paid by
the Isssociation ~ as a coir;~non exc?er:se. ~ -
Section 8. l~ssessmen*_s:
( a) Th~• floard of Di rectcrs has tt~:e power to and shal l
fror,; time to ~ime fix and d~ter~~~in~ the amount
necessary to pa}• the com.mon expe~ses of the
Condorr,ini~~m. Common exFenses include those
expenses described,in Paraoraph 2.6 of the
ci~claration of Condominium and any other expenses
designated as com:non expenses by the Board of
Directors.
( b) Funds for the payrr~ent of cornmon expenses shall be
assessed and be a lien against the cond~minium
parcels in the proportion of percentage of sharing
common expenses as provide~ in the Declaration of
Condominium.
- E-10
~~R 3~6 P~GE 1159
a~~~K •