(a) The reserve funding plan required by Section 5550 shall include a schedule of the date and amount of any change in regular or special assessments that would be needed to sufficiently fund the reserve funding plan.
(b) The plan shall be adopted by the board at an open meeting before the membership of the association as described in Article 2 (commencing with Section 4900) of Chapter 6.
(c) If the board determines that an assessment increase is necessary to fund the reserve funding plan, any increase shall be approved in a separate action of the board that is consistent with the procedure described in Section 5605.
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Related Statutes
- SB-546 (Grayson) Common interest developments: accounting.
- Civil Code Section 5605. Assessment Increases; Requirements and Limitations.
- Civil Code Section 5570. Reserve Funding Disclosure Form.
- Civil Code Section 5565. Summary of Association Reserves.
- Civil Code Section 5550. Reserve Study Requirements.
- Civil Code Section 4178. “Reserve Account Requirements” Defined.
- Civil Code Section 4177. “Reserve Accounts” Defined.