Agenda - 06-17-2014 - 7e - Laserfiche WebLink

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18 affirmative vote of seventy-five percent(75%) voting interests of each class of Members who are voting in person or by proxy, at a meeting duly called for such purpose. (d) Criteria for Establishing Annual Assessment. In establishing the annual assessment for any assessment year,the Board of Directors will consider all current costs and expenses of the Association, any accrued debts, and reserves for future needs, but it may not fix the annual assessment in an amount in excess of ten (10%) percent or the sums derived by application of the Consumer Price Index formula provided in Subsection (b) without the consent of members required by Subsection(c) of this Section 4. (e) Board Authority. The Board of Directors may fix the annual assessment: at an amount not in excess of the maximum. (f) Declarant Expenses. Until such time as Declarant no longer controls the Board, Declarant will pay any Association expenses not otherwise covered by the assessment hereunder. Section 4.4. Special Assessments for Capital Improvements. 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, restoration, repair, or replacement of a capital improvement upon the Recreation Space, any extraordinary maintenance, expenditure including vegetation and tree replacement, provided hat any such assessment will have the assent of seventy-five percent (75%) voting interests of each class of Members who are voting in person or by proxy at a meeting duly called for this purpose. Section 4.5. Replacement Reserve. Out of the Common Expenses assessment, the Board may create and maintain a reserve fund for the periodic maintenance, repair, and Page 8 of 50