Agenda - Council - 07/28/1987 - Laserfiche WebLink

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recreation, health, safety, and welfare of the residents in the Properties and for the improvement and maintenance of the Common Property. Section 6.3 Maximum Annual Assessments. Until January 1 of the year immediately following the conveyance of the first Lpg. to an Owner, the maximum annual assessment shall be forty-five dollars ($45.00) per Lot. From and after January 1 of the year immediately following the conveyance of the first Lot to an Owner, the maximum annual assessment may be increased each year not more than the greater of (i) the average increase in the general U.S. Government Consumer Price Index for the Minneapolis-St. Paul Metropolitan Area for the three previous calendar quarters or (ii) 5% above the maximum assessment for the previous year, without a vote of the membership; provided, however, that this limitation shall not apply to premiums for insurance under Article VII. From and after January 1 of the year immediately following the conveyance of the first Lot to an Owner, the maximum annual assessment may be increased above the limitations imposed by Section 6.3, Paragraph a, by a vote of two-thirds (2/3) of each class of members who are voting, in person or by proxy, at a meeting duly called for this purpose. The Board of Directors may fix the annual assessment at an amount not in excess .of the limits prescribed by Section 6.3, Paragraph a, above. Section 6.4 Special Assessments for Capital Improvements. In addition to annual assessments authorized above, the Association may levy, in any assessment year, a special assessment applicable to that year only for the purpose of defraying, in whole or in part, the cost of any construction, reconstruction, repair or replacement of a capital improvement upon the Common Property, including fixtures and personal property related thereto, provided that any such assessment shall have the assent of two-