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r j, Each reserve account shatl be kept in account with a safe and responsible depository, shall be accounted for separately and, if invested, shall be invested in a manner provided for investments of local governments under applicable l~w. Assessments paid into the reserve accounts aze the property of the Association and j are not refundable to sellers of units. Provided, however, nothing herein shall prevent sellers of units from -~~ treating their outstanding allocable share of reserve accounts as a separate or reimbursable item in a sales agreement. No unit owner shall have any individual rights in any of these reserves, although it is understood that the value of their respective units may increase in proportion to each unit's right to receive j~ repair, maintenance and replacement therefrom. , , 2. INITIAL ASSESSMENT. The initial assessment to unit owners shall be not more than 1/6 of the } unit owner's estimated annual share af common expenses. The assessment shall thereafter be subject to C,I review by the Board of Directors. Except as otherwise provided below, the assessment for all units shall be payable from the date the Declaration is recorded. r (a) In respect to units not yet conveyed by the Declarant, the Declarant may accrue the !- ~ replacement reserve items, but not the insurance reserve item, At the time of conveyance of the unit for which the replacement reserve has been ~crned, the accrued reserves must be paid to the Association. ~ The Declarant, or such other petson ~ying all operating expenses or subsidizing snch expenses, shall give ten (10) days written notice to individuai unit owners pnor to the commencement of their obligation to pay the full assessmen~ Thereafter, each owner, including the Declarant or such other persoa~, shall pay the assessment to the Association. (b) If the Association expenses are temporarily less than projected by the Declarant because some or most of the units are not yet sold or occupied, the Declarant shall have the authority to reduce ~ temporarily the assessment to reflect the lower expenses of the project. 3. ~PECIAL ASSESSMENTS. The Board of Directors shall have the power to levy special assessments in the following manner for the following purposes: lJ - • (a) By unanimous vote of tbe Board, to correct a deficit in the operating~budget; (b) By unanimous vote of those members of the Board who were not appointed by the unit ~ owner in default, to collect amounts due to the Association from an owner for breach of the owner's obligations under the Declaration, these Bylaws, or the Association's rules and regulations; ( (c) To make capital additions or improvements; and ~~ (d) For such other purposes as the Board, in its reasonable discretion, may deem pruden~ I :4. 3L~ET: Il~OM~ TAX I~rT[mNS: DE RMiNATION OF FI GAi AR, ~: - - - _ (a) . The fiscal 'year of the Association shall be July 1 through June 30~ unless otherwise (~ ~ determined by the Boazd of Dinectors. (b) At least sixty (60) days before each governmental entity unit owner submits its budget documents to the budget committee as provided under the Oregon Local Budget Law, the Board of ~~ Directors shall adopt a budget for the Association containing an estimate of the total preliminary amount considered necessary to pay the cost of maintenance, management, operation, repair and replacement of the common elements and those parts of the units for which it is the responsibility of the Association to maintain, repair and replace, and the cost of wages, materials, insurance premiums, services, supplies and ~~ other expenses that may be declared to be common expenses by the Oregon Condominium Act, the Condomuuum instiuments or a resolution of the Boazd of D'uectors, and which will be required during the ensuing fiscal year for the administration, operation, maintenance and repair of the Condominium and the ~ rendering to the unit owners of all related services. ~~ ? Bylaws Courthouse Square Condominium ~ ~ Page - 7 1026980258 ~ ~i .