Special Project Oversight Committee (SPOC) Report #1

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reserves must be paid to the Association. The Declarant, or such other person paying all operating expenses or subsidizing such expenses, shall give ten (10) days written notice to individual unit owners prior to the commencement of their obligation to pay the full assessment. Thereafter, each owner, including the Declarant or such other person, 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. SPECIAL ASSESSMENTS. The Board of Directors shall have the power to levy special assessments in the following manner for the following purposes: (a) To correct a deficit in the operating budget by unanimous vote of the Board; (b) 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, by unanimous vote of those members of the Board who were not appointed by the unit owner in default; (c) To make capital additions or improvements; and (d) For such other purposes as the Board, in its reasonable discretion, may deem prudent. 4. BUDGET• INCOME TAX RETURNS• DETERMINATION OF FISCAL YEAR. "~' (a) The fiscal year of the Association shall be July 1 through June 30 unless otherwise determined by the Board of Directors. (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, BYLAWS OF COURTHOUSE SQUARE CONDOMINIUM PAGE - 11