09-28-2005 Council Agenda - Laserfiche WebLink

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Association has an ownership interest or responsibility for maintenance and upkeep, including those items as may be constructed on Outlots and individually owned Lots. Section 4. Annual Assessment and Reserve Fund. The Board of Directors of the Association shall fix from time to time the annual assessment. The total of the annual assessment for the members shall be in the amount of the estimated common expenses for each such class for the year, including a reasonable allowance for contingencies and for an adequate reserve fund for maintenance, repairs and replacement of those elements of the Common Property that must be replaced on a periodic basis. The Board of Directors shall on a quarterly basis cause reserve funds to be invested in certificates of deposit, savings accounts, United States of America government obligations or state or municipal obligations. No other investment of the reserve funds shall be permitted. If an annual assessment is not made by the Board of Directors as required, a payment in the amount required by the last prior assessment shall be due upon each assessment payment date until changed by a new assessment. No annual assessment has been assessed as of the date of recording of this Declaration. No annual assessment shall be assessed until January 1, 2006. When an annual assessment is assessed, whether it be at an annual or special meeting of the members, it shall not exceed the annual rate of $300.00 per Lot, until the next annual membership meeting at which, and after which, the annual assessments may be increased no more than ten percent (10 %) above the assessment for the previous year EXCEPT that the annual assessment may be increased more than ten percent (10 %) by a favorable vote of two- thirds (2/3) of the Members who are present in person or by proxy at a meeting called in accordance with Section 6 of this Article. As long as Declarant is the Owner of any Lot, the annual assessment rate 5 -5