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My homeowners association needs to finance a large

My homeowners association needs...

My homeowners association needs to finance a large renovation of our community buildings and amenities totaling about 20 million $. Can we raise the dollars through the issuing of investment bonds.

Lawyer's Assistant: What steps have you taken so far? Have you prepared or filed any paperwork?

We have not filed any paperwork. We have developed a master plan of the improvements which is currently being presented to the community members and we need to include financing options in our presentations.

Lawyer's Assistant: Where is the property located?

The property is located in Mesa, Arizona, Fountain of the Sun with about 2500 single family homes, condos, and manufactured homes.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

We are just beginning this project and need some basic info as to what options are available to us as an HO

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Answered in 1 minute by:
3/16/2018
Infolawyer
Infolawyer, Lawyer
Category: Real Estate Law
Satisfied Customers: 60,963
Experience: Experienced lawyer
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Hello and welcome. I am working on your answer and will be right back!

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You may do so if the bylaws permit. If bylaws silent, it should be approved by majority of owners, not only board, since such measure can create a debt obligation affecting owners, beyond what is standard such as an assessment or maintenance icnrease.

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Customer reply replied 1 month ago
I believe the bylaws require a majority vote of the members for any financial obligation in excess of $40K. At this point we are presenting a master plan of the improvements with an estimated cost of $20 million and want to include financing options, bonds being one option. Can you give me more details such as process, cost, and who the bonds would be offered to, such as, only community members.

It is a major undertaking and you should have a financial advisor and counsel involved to structure the bonds. It depends where the funds are coming from, and such advisors can help structure the bonds, negotiate the interest rate, the term and prepare notices for consideration and vote.

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Customer reply replied 1 month ago
Thanks. ***** has legal counsel, with hoa knowledge and I just needed some basic info to include in our community presentations of the master plan. Thanks for the info.

Very welcome.

Kindly rate me 5 stars for the replies.

Infolawyer
Infolawyer, Lawyer
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Satisfied Customers: 60,963
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Customer reply replied 1 month ago
Great answers and response time.....5 stars
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