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ar~aun+ *o be re~erv~~ ~.h::l l~ e r~~^~put.ed hy R:eans of
_ a formula which is t~ased uF~on ect imated 1 i fe and
~~st imated replacem~nt. cost of ~ach r-eserve ir_em.
(d) Each propased annual budyet of common expenses
adopted by the Roard of nirecters st,all be detailed
anc~ shall show the amounts budgeted by accounts and
expenses classifications, including, but not
limited to, the following:
1. Administration of the l~ssociation.
2. Management fees.
3. Maintenance.
4. Taxes u~on As~ociation prcperty, if any.
5. Insurance.
6. Securit-y provisions.
7. itt.ilit.ies.
~, C~ther expenses.
~. Op~rating capifal.
1 Q . P,e serves .
11. Fees paya~le to Division of Florida Land
Sales and Condominiums.
12. As~essments payzble to Tarpon Ray Yacht Club
Propert}~ Owners F,ssoc i at_ ion, Inc.
(e) R~gular assessment_s shall be r~ade against unit
own~rs not less £requentl~ rhan quarterly~ in an
amo~nt no less than required to provide funds in
a~ vance for payment of .all t.he anticipated current
or}~rat ing expPnses anc~ for all of the unpai.d
op~rarir.g expenses previous?v incurred.
(f)
The provisions of Florida ~*a}ur.e 7t8.112, w•ith
re~zrd to limitarions on hud4et increases, special
mentiership meetin4s for buc?get reconsideration, and
the righ` to consider and adopt a budget ar the
annual membership meeting as an alternative, are
herb}• au'opted. In determinat_ion of the percenk of
increase of t-he annual budg~t over the preceding
vears, au~_horized provi.sions for reasonable
re~~r~-es for-repair or replacQmQnt of the
condc;minium property, ant.ici~ated expenses by the
l~s~ociarion which ar~ nor anticipated to be
incurre~ on a regula: or annual basis, and
assessments for betterments to the condominium
pronerry shall be excluded fror,! the cor~put.ation.
~) t:s lona as L~eveloper i_s in cor~r rol of the
Association, the Association shall not impose an
assessment for any year great~r than one hundred
fif~~~rt percent (115~) of the prior fiscal year's
a~sessment withou*. approval by a majority of all
~~ot i ng members. .
i) ;~ot_k~ithst.anding anything in these ey-Laws or the
i~clarat.ion which authorizes expenditures, no
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~~~x 346 PA~E 1i62