HomeMy WebLinkAbout0501
Section 8. Any vacancy in the office of PrPSident,
Vice pres ~dent, Treasurer~ Assistant Treasurer, Secretary
or Assistant Secretary, or anv other officer or emnloyee, f_or
any reason whatsoever, may be filled by the Board of Directors
who may elect a successor to the vacant office at any re~ular
or special meeting, which successor shall hold o~fice for
the balance of the unexpired term.
ARTICLE VII
FINANCE
Section 1. The funds of the corporation shall. be
deposited in such banks or depositories having their accounts
insured by an instrumentality of the Federal Covernment
as may be determined b_y the Board of nirectors from time
to time, upon resolutions approved by the Board of Directors,
and shall be withdrawn only upon checks and demands for monies
signed by such officer or officers of the corporati.on as may
be designated by the Board of Pirectors.
Section 2. The fiscal year of the corporation shall
begin on the first day of January of each year; provided,
however, that the Board of Directors i_s exnresslY authorized
to change to a different fiscal year in accordance with the
provisions and regulations from time to time ~rescrihe~
by the Internal Revenue Code of the United States of_ America,
at such times as the Board of nirectors deem advisable.
Section 3. An Audit of the accounts (includin~ canital
accounts, reserve accumulations in accordance with ~718.504(2~)(c), 1.~-.,
and contributions) of the corporation~ which need not be certi~ied,
shall be made annually by an audit~~r independent of the neveloner
and a copy of the report shall be .furnished to each member
not later than June lst of the year followinp the vear for
which the report is made.
~ec~ic,« ~.. ~3~c ~~a~u ~~ Directors of the cornorat~.on
shall maintain an assessment roll in which there sha~l be
an account for each Condominium Unit. Each account sha?l
designate the name and address of the owner or owners, the
amount of each assessment against the owners, the ~ate and
amounts in which the assessments t;e~ors-e due, the amounts
paid upon the account, and the balance due upon assessments.
Section 5. The Board of Directors shal~ adopt a budget
on or~~ore t~evember lst of each vear f.or the fo? lo~oin~
calendar year which shall be detailed, shall show the amounts
budgeted by accounts and expense classifications, including,
if applicable, but not limited to those expenses listed in
§~718.112(2)(k) and (1) and 718.504(20), Florida Statutes,
and shall contain estimates of the cost o€ operatin~ an~ main-
taining the corporation~ including the fo~lowing items:
A. The general exvense to be incurre~ in connection
with the operation of the Common Elements, LimitPd Common
Elements, interests of the Condominium, including the buildin~s~
and recreation areas. Said expenses shall include the accruing
of reasonable and adequate reserve accounts for capital
expenditures and deferred maintenance including, but not
lirnited to, roof replacement, buil~ing,paintinp„ and vavement
resurfacing - the computation o~ which shall be based upon
estimated life and estimated realacement cost and mav include
the Property Owners' Assoc?ation assessment. ~
B. A breakdown showing the pronosed assessment
against each owner for the above expenses.
Written notice of the Board Meetin~
is to be considered for adoption and a a
budget shall be given to each Onit Owner
(30) days prior to such meeting and such
shall be onen to the Unit Owners.
when the budget
~py o~ the proposed
not less than thirty
Board i~ieeting
~~~K3~9 eNUf 5fl~