Fla. Admin. Code Ann. R. 61B-40.0061 - Funding Requirements and Restrictions on Use
(1) Timely funding. Reserves included in the
adopted budget shall be considered common expenses and must be fully funded.
Reserves shall be funded in the amounts stated in the adopted budget within 30
calendar days from the date the assessments are collected and not later than
180 days from the date such assessments are due. This rule shall not preclude
the managing entity from fully funding the reserves prior to receiving all of
the assessments due from purchasers.
(2) Reserve restrictions for timeshare plans.
Neither reserve funds nor any interest earned on reserve funds shall be used
for the payment of operating expenses unless approved in advance by a majority
of the purchasers. Interest earned on reserve funds shall be allocated to the
individual reserve category balances by the managing entity. Reserve funds and
interest earned on reserve funds may be reallocated between the reserve
categories by the board of administration at a duly called meeting of the
board, by amending the current budget or through the next annual budgeting
process.
Notes
Specific Authority 721.03(2), 721.26(6) FS. Law Implemented 721.03(3), 721.07(5)(u), 721.13(3)(c)2. FS.
New 2-5-96.
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