A few years ago when a new clubhouse was built tor the country club which operates as a separate corp from the POA, they added the below paragraph to Item G. Item G is part of the bylaws. This indicates to me that they did so because it was in access of the amounts in the 1st paragraph. Note that the money is in the reserves or must come from the reserves.Notwithstanding the above, the Board may expend a maximum of $650,000 in funds in excess of the
above stated amounts for Capital Improvements to Association
property in connection with the
Delaire Country Club Renovation Project, as approved by vote of the membership of the Delaire
Country Club on May 13, 2008 so long as: a) such funds are available from existing budgeted
funding of reserve accounts and current reserve accounts; and b) reserve funds are maintained at
levels sufficient to comply with applicable law and satisfy currently identified Association needs.
Unless extended by the same procedure and vote necessary to approve a By-Law change, the
foregoing exception shall be effective until December 31, 2011.