Agenda 06-04-2019 6-a - Major Subdivision Preliminary Plat Application

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28 accountants and other professionals to represent the Association when necessary or useful; (e) for the employment of security personnel; and (f) to provide any service which is not readily available from any governmental authority related to the use, occupancy and enjoyment of the Lots and/or Common Elements which the Association shall decide to provide. Assessments may be levied to pay for any utilities necessary to accomplish any of the above-stated purposes. Section 8.03 Common. Expense Budget and Annual Assessments,. Not later than the earlier of December 1 or the date of the annual meeting of the Members, the Board of Directors shall prepare and deliver to the Members a budget for the operation of the Association and the maintenance of the Common Elements for the following calendar year, which budget shall include an estimate of the Common Expenses and Annual Assessments for the following calendar year, and a statement of the sources and estimated amounts of funds to cover such Common Expenses, which may include any surplus to be applied from prior years, any income expected from sources other than Annual Assessments, and the amount to be generated through the levy of Annual Assessments. The Board of Directors shall deliver a copy of the final budget and notice of the amount of the Annual Assessment to be levied to each Owner not later than the earlier of December 1 or the date of the annual meeting of the Members prior to the beginning of the Annual Assessment period. The budget shall automatically become effective unless disapproved by (a) the vote of the Members having not less than two-thirds (2/3) of all votes in the Association who are voting in person or by proxy at the annual meeting of the Members or at a meeting of the Members duly called for such purpose, and/or(b)Declarant during the Period of Declarant Control. There shall be no obligation to call a meeting for the purpose of considering the budget except on petition of the Members as provided for special meetings in the Bylaws. Any such petition must be presented to the Board of Directors within ten(10) days after delivery of the budget and notice of the Annual Assessment. If any proposed budget is disapproved or the Board of Directors fails for any reason to determine the budget for any year,then the budget most recently in effect shall continue in effect until a new budget is determined. The Board of Directors may revise the budget and adjust the Annual Assessment from time to time during any calendar year, subject to the notice requirements and the right of the Members to disapprove the revised budget as set forth above. The Board of Directors is hereby authorized to levy an Annual Assessment equally against all Lots to fund Common Expenses and to establish and set the frequency or schedule of payment of any Annual Assessment(i.e. monthly, quarterly or annually). Section 8.04 Special Assessments. In addition to Annual Assessments, the Board of Directors may levy, in any calendar year, a Special Assessment applicable to that calendar 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 owned by the Association; provided, however, that any such Special Assessment shall require the affirmative vote of not less than two-thirds(2/3)of the Members of each appropriate and affected class of Members who are voting in person or by proxy at a meeting of the Members duly called for such purpose. The Board of Directors shall also have the power, right and authority to make and levy a Special Assessment on behalf of the Association against any Lot or Lots (and/or the Owner(s) thereof) 18