The board is presenting the proposed bylaws: one with three board members and replacement pages for a two member board and replacement pages for a reserve study. The board has been run with only two positions for over 12 years. At this time the President is performing the Treasurer duties as far as review of funds and managing checks and bank statements. Since the association has historically had a lack of interest in these positions we felt it best to present two different sets to vote on. If and when the board expands to three members we can always re-record the other set.
Links for the bylaws can be found here:
Three Member Board bylaws
Two Member Board bylaws
Extra pages for Reserve Study
The proposed following vote is a yes or no for the bylaws and which version to use.
Please download the voter form here or use the one
coming with next month's dues statement and return
by May 17th or at the HOA meeting.
Thank you.
*Please vote on the new bylaws by 05/17/2017.
Reserve Study for voting
Our current (old 1979 bylaws) have no call for a Reserve Study, however, the never recorded bylaws do refer to one. The current law states that any condos built before 10/23/1999 are not required to have a study if they have a reserve fund. Our condos were built in 1975. Here is a quote:
"Whether a condominium or a planned community, all associations created after October 23, 1999 must have a reserve study and a maintenance plan (ORS 94.595(5)(a); ORS 100.175(6)(a)).
However, all associations formed prior to October 23, 1999 that have a reserve fund can opt into the reserve study requirement. There are two ways to opt into the requirement: either the board of directors can pass a resolution opting-in or a majority of the owners can sign a petition requiring the association to opt-in (ORS 94.595(5)(a); ORS 100.175(6)(a))."
A Reserve Study is used for several reasons. The basis is to determine a 30 year plan for maintenance and upgrades. Reserve Studies can be expensive. Given the age of our condos if a Reserve Study were to be implemented we should have done so at least two decades ago. We would be better prepared for the continuous repairs we are experiencing. At this point we are meeting the demands of the homeowners on a case by case basis in order to best the association as a whole.
The following proposed vote is a yes or no for a Reserve Study.
Please download the voter form here or use the one
coming with next month's dues statement and return
by May 17th or at the HOA meeting.
Thank you.