Laserfiche WebLink
~r management, operation, repair and replacement of <br />the common elements and those parts of the units <br />for which it is the responsibility of the <br />Association to maintain, repair and replace, and <br />the cost of wages, materials, insurance premiums, <br />services, supplies and other expenses that may be <br />declared to be common expenses by the Oregon <br />Condominium Act, the Condominium instruments or a <br />resolution of the Board of Directors, and which <br />will be required during the ensuing fiscal year for <br />the administration, operation, maintenance and <br />repair of the Condominium and the rendering to the <br />unit owners of all related services. <br />Such budget shall also include such reasonable <br />amounts as the Board of Directors considers <br />necessary to provide working capital and such <br />general operating reserve accounts, contingency and <br />other reserve accounts as the Board shall <br />determine. The amount designated for replacement <br />reserves shall be adjusted annually to reflect <br />current replacement cost and remaining useful life. <br />At least thirty (30) days before the beginning of <br />each fiscal year, the Board of directors shall send <br />to each unit owner a copy of the budget in a <br />reasonably itemized form which sets forth the <br />amount of the common expenses and any special <br />assessment payable by each unit owner. Such budget <br />shall constitute the basis for determining each <br />unit owner's assessment for the common expenses of <br />the Condominium. <br />~. <br />(c) The failure of the Board of Directors timely to <br />prepare and/or to present a budget to the unit <br />owners shall not be cause for any owner to fail or <br />refuse to pay assessments. Assessments shall <br />continue, based upon the last adopted or accepted <br />budget, until a new budget is created and <br />announced. Retroactive increases and/or special <br />assessments may be made by the Board of Directors <br />to make up for any deficiency. <br />(d) Subject to such revisions as the budget committees <br />make under the Oregon Local Budget Law, upon <br />adoption of the budgets by the governmental entity <br />unit owners under the Oregon Local Budget Law, the <br />Board of Directors shall adopt the final budget for <br />the Association. In the event the Board of <br />Directors fails timely to adopt a budget for a new <br />fiscal year, unit owners holding not less than <br />BYLAWS OF COURTHOUSE SQUARE CONDOMINIUM <br />PAGE - 12 <br />