California Statutes
§ 5560. — 5560. (Added by Stats. 2012, Ch. 180, Sec. 2.)
California·Code CIV Civil Code - CIV·Div. 4. DIVISION 4. GENERAL PROVISIONS·Part 5. PART 5. Common Interest Developments·Ch. 7. CHAPTER 7. Finances·Art. 3. ARTICLE 3. Reserve Planning
(a)The reserve funding plan required by Section 5550 shall include a schedule of the date and amount of any change in regular or special assessments that would be needed to sufficiently fund the reserve funding plan.
(b)The plan shall be adopted by the board at an open meeting before the membership of the association as described in Article 2 (commencing with Section 4900) of Chapter 6.
(c)If the board determines that an assessment increase is necessary to fund the reserve funding plan, any increase shall be approved in a separate action of the board that is consistent with the procedure described in Section 5605.
Free access — add to your briefcase to read the full text and ask questions with AI
California § 5560. (5560. (Added by Stats. 2012, Ch. 180, Sec. 2.)) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Added by Stats. 2012, Ch. 180, Sec. 2. (AB 805) Effective January 1, 2013. Operative January 1, 2014, by Sec. 3 of Ch. 180.