Real Property Development

ORS 94.645
Adoption of annual budget


(1)

The board of directors at least annually shall adopt a budget for the planned community.

(2)

The budget shall include moneys to be allocated to the reserve account under ORS 94.595 (Reserve account for maintaining, repairing and replacing common property).

(3)

Within 30 days after adopting the annual budget for the planned community, the board of directors shall provide a summary of the budget to all owners.

(4)

If the board fails to adopt a budget, the last adopted annual budget shall continue in effect. [1981 c.782 §39; 1999 c.677 §16; 2007 c.409 §8a]

Source

Last accessed
Jun. 26, 2021