09-28-2005 Council Agenda - Laserfiche WebLink

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for Declarant owned Lots shall be one -half of the assessment rate for the Class A Members. Section 5. Special Assessments. In addition to the annual assessments authorized above, the Association may levy, in any assessment year, a special assessment applicable to that year only for the purpose of defraying, in whole or in part, the cost of any construction, reconstruction, repair or replacement of a capital improvement upon the Common Area, including fixtures and personal property related thereto, provided that any such assessment shall have the assent of not less than two - thirds (2/3) of the Members who are voting in person or by proxy at a meeting duly called for this purpose. Section 6. Notice and Quorum. Written notice of any meeting called for the purpose of taking any action authorized under Article IV, Section 4 or 5, shall be sent to all Members not less than fifteen (15) days nor more than thirty (30) days in advance of the meeting. At the opening of such meeting, the presence in person or by proxy of Members entitled to cast thirty -three percent (33 %) of the votes of each class of the membership shall constitute a quorum. If the required quorum is not present, then the Board of Directors shall take any action authorized under Article IV, Section 4 or 5. Section 7. Rate of Assessment. Both annual and special assessments must be fixed at a uniform rate for all Lots not owned by Declarant. Section 8. Commencement of Annual Assessments. By November 1 of each year the Board of Directors shall fix the amount of annual assessments against each separate Lot for the following calendar year and shall send written notice thereof to each Owner. The due date for payment of annual assessments shall be as set by the -6-