How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask WiseOwl58 Your Own Question
WiseOwl58
WiseOwl58, Lawyer
Category: Real Estate Law
Satisfied Customers: 3619
Experience:  Experienced real estate lawyer and real estate broker.
62735101
Type Your Real Estate Law Question Here...
WiseOwl58 is online now
A new question is answered every 9 seconds

G. To make expenditures Improvements and assess the members

Customer Question

G. To make expenditures for Capital Improvements and assess the members therefore limited to no more than $15,000 on any single project and subject to the foregoing, no more than $50,000 in the aggregate in any fiscal year for all projects.
Either or both of the foregoing limitations may be removed, in whole or in part, by the same procedure and vote necessary to approve a By-Law change. The amounts so approved shall be reinstated, as available, under the preceding paragraph of this section.
The HOA is stating that owners have no right to vote if the money is already in the reserves. They state that since there is no special assessment, they can do as they please. The source of the reserves is our perpetual assessment which we pay quarterly. What say you?
Submitted: 4 months ago.
Category: Real Estate Law
Customer: replied 4 months ago.
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.
Expert:  WiseOwl58 replied 4 months ago.

Let's discuss this by phone. Please accept the phone chat and we can discuss in detail and resolve. Thanks.

Related Real Estate Law Questions