200508988 - Laserfiche WebLink

Browse

200508988 SECTION V. DUES AND OTHER FINANCIAL MATTERS A. Fiscal Year. The fiscal year of the corporation shall be the calendar year unless otherwise directed by the Board. B. Buffet. Each fiscal year the Board of Directors shall adopt and fix an annual budget for the then anticipated fiscal affairs and general obligations of the corporation for such fiscal year. C. Assessments. Assessments shall be ascertained and collected as follows: Standard monthly assessments for each improved unit as defined in the Declaration of Covenants shall be a sum equal to one - twelfth (1/12) of the annual maintenance assessment established by the Board as being the assessment necessary to completely fund the budget established for the fiscal year, taking into consideration the maintenance assessments due from all sources plus any other special assessments or charges for general capital improvements or extraordinary expenses of the corporation. The monthly assessments shall be made on or before the first of each month and shall become delinquent if not paid within twenty days thereafter, and constitute until paid a continuing charge against and lien upon such lot. D. Capital Im rovement Extraordinaa Expense, and Property Disposition. Capital improvement, extraordinary expense, and property disposition shall be regulated as follows: General capital improvements and extraordinary general expenses of the corporation financed by dues, charges or assessments of more than Seventy -Five Thousand Dollars ($75,000.00) for any one fiscal year shall be undertaken only when no one person or entity holds more than one -forth (1/4 )of the entire number of membership of the association and upon recommendation of the Board of Directors accepted three -forth (3/4) vote of the entire number of members of regular members present in person or by proxy at any annual or special meeting. 2. Disposition by lease for more than five years, sale or otherwise of any interest in real property owned by the corporation shall be undertaken only upon recommendation of the Board of Directors accepted by a majority vote of the entire number of membership of regular members present in person or by proxy at any annual or special meeting, or responsive to a vote thereon by mail. SECTION VI. NOTICES AND STATEMENTS A. Notice for Meeting of Members. Not less than 7 nor more than 14 days next preceding any annual or special meeting of the regular members and special meeting of one or both of the