Quote:
Originally Posted by maverickstruth
I should note as well that the board has already voted to use the reserve funds to move forward with the project (which of course is fine; that's what they're there for), but payment plans, etc. are TBD. They're doing it in phases, with an eye toward refining/adjusting the estimate after the first phase is complete.
|
Whoa - just as long as they are not using all of the reserve funds to do the items you mentioned. They are not permitted to take from the funds needed to replace the roof, or boiler, or other items of non affected items listed. If they do to make this special assessment "softer", they will be forced to special assess again to "replenish" what they took.
As a member or President of the Board I've special assessed many times but have always provided residents with full details and explanations as to the required expenditures - I hope they have done so with you.