HomeMy WebLinkAbout0920 ,
ar Assessments :Eor betterments t~ the Condam3nium Property
shall be excluded £i-om the computation. However, as lonq as
the Developer is in control of the ~oard of Administration,
the Board o£ Administr.ation shall not impose an Assessment
for any year greater than c~ne hundred fifteen (115%) percent
o£ the prior fiscal or calendar year's Assessment without
approval of persons owning a majarity of all Units.
Section 5. Working Capital and Resel:ve Fund.
A. The Board of Administration may establish an operat-
ing capital fund for the initial months of operation ec~ual '
to a minimum amount of two (2) months' estimated common ~
expenses for each unit which funds may b~ utilized for I
payment of common expenses of the Association in excess of
the assessments c~llected from Unit Owners on a monthly
~ bas::s.
B. The Board of Administration shall have the riqht to
assess Unit Own~rs to establi~h a reserve fund for the
future replacement af or addition~ to the Common Elements
and ~uch reserve fund shall be i~eld in trust by the Board or
its designated nominee to be used solely for the purpose for
which it was established.
Section 6. Payment of Assessments, All Assessments shall
be paid timely to the Association. Assessments shall be made
against Unit Owners not less freguently th~ri quarterly in advance,
in amounts no less than are required to pro~~ide funds in advance
for payment of all of the anticipated current operating expenses
and for all the unpaid operating expenses previ~usly incurred.
Section 7. Limitation on Expenditures. After the ~lection
by Unit Owners other than the Developer of a majority of the
Board of Administration, any single item of expenditure for the
improvement of the Common Elements exceeding Five Thousand
($5,000.00) Dollars per annum shall require the specific approval
of persons owning a majority of the Units whether or not adoption
of the entire budget requires Unit Owner approval pursuant to
Section 4 of this Article VIT, exc~pt foa^ the repair of the
Condominium Prop~rty due to casualty loss. Notwithstanding the
above, in the event ~mergency repairs are required to the Common
Elements, as determined by the Board of Administration, the Board
may assess up to a maximum of Five Hundred Doll~rs ($500.00) per
Unit per year without the necessity of a meeting to approve said
expenditure.
Section 8. Application o£ Payments and Commingling of Funds.
All sums collected by the P.ssociation from Assessments may be
j commingled in a single fund or divided ~nto more than one (1)
i fund as c~etermined by the Boarc3 of Administ?-ation. All Assessments ~
~ sha11 be applied as provided herein and in the Declaration.
~ Section 9. Fidelity Bonds for Officers. The Treasurer and
~ all officers who are authorized to sign checks, and all officers ;
~ and employees o~ the Association, and any contractor handling or ~
responsible for Association fun~.s shall be bonded in such amount t
E as may be determined by the Board of Administration. The premiums ~
an such bond or bonds shali-be paid by the Association. The bond
shall be in an amount sufficient to equal the monies an indx-
vidual handles or over which he has control via a sign~tory or a
bank account or other depository account; howev~r, notwithstand~
~ ing the foregoing, any management firm retained by the Association, -
shall determine, in its sole discretion, the amount of the bond ~
f and who is to be bonded, if any, among itis employees.
~
~
-12-
3
~~ir1K~~~~ PAGE ~.11..J