S.B.
64
HOMEOWNER ASSOCIATION RESERVE ACCOUNT AMENDMENTS
Senate Committee
Amendments
Amendment 1 February 12, 2013 11:40 AM
Senator Stephen H. Urquhart
proposes the following amendments:
1. Page
7, Lines 201 through 211
:
201
(6)
{
An
}
Each year that a new or updated reserve analysis is completed, an
association of
unit owners shall:
202
(a)
{
annually,
}
at the annual meeting of unit owners or at a special meeting of unit
203
owners:
204
(i) present the reserve [study] analysis; [and]
205
(ii) [provide an opportunity for unit owners to] discuss reserves and [to] the reserve
206
analysis; and
207
(iii) vote [on], by a majority of unit owners
present at the annual meeting of unit owners
,
whether to fund a reserve fund [and, if so,
208
how to fund it and in what amount] in the manner and amount suggested in the reserve analysis
209
or in some other manner and amount; and
210
(b) prepare and keep minutes of each meeting held under Subsection (6)(a) and
211
indicate in the minutes any decision relating to funding a reserve fund.
2. Page
11, Line 331 through Page 12, Line 340
:
331
(6)
{
An
}
Each year that a new or updated reserve analysis is completed, an
association
shall:
332
(a)
{
annually,
}
at the annual meeting of lot owners or at a special meeting of lot owners:
333
(i) present the reserve [study] analysis; [and]
334
(ii) [provide an opportunity for lot owners to] discuss reserves and [to] the reserve
335
analysis; and
336
(iii) vote [on], by a majority of lot owners
present at the annual meeting of lot owners
, whether
to fund a reserve fund [and, if so,
337
how to fund it and in what amount] in the manner and amount suggested in the reserve analysis
338
or in some other manner and amount; and
339
(b) prepare and keep minutes of each meeting held under Subsection (6)(a) and
340
indicate in the minutes any decision relating to funding a reserve fund.
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