At the Thursday, July 25th Board of Directors Meeting, members of We Are Sudden Valley community group presented the Board President with a petition calling for a Special General Meeting (SGM) of the membership.
The We Are Sudden Valley group recommends placing the following Bylaw measure on the ballot for a vote of the membership:
Shall Section 19. Annual Dues and Assessments, and Special Assessments of the SVCA Bylaws be amended by INSERTING:
(iv) Limitations on Dues and Assessments
- Annual dues and assessments for any fiscal year shall not be increased greater than seven percent (7%) of the annual dues and assessments for the Association’s preceding fiscal year.
- Special assessments for any fiscal year, in aggregate, may not exceed (15%) of the budgeted gross revenues of the Association for that fiscal year excluding any budgeted special assessment revenues.
- These limitations do not serve to limit assessment increases necessary for an unbudgeted emergency expense which exceeds 15% of the Budgeted Gross Revenues of the Association for the year in which an emergency assessment is proposed. At least one of the following must apply to the emergency situation expense(s):
- Authorized or required by statute;
- Required by an order of a court;
- Necessary to repair or maintain the common interest development or any part of it for which the Association is responsible where a threat to personal safety on the property is discovered;
- Necessary to repair or maintain the common interest development or any part of it for which the Association is responsible that could not have been reasonably foreseen by the board in preparing and distributing the annual budget.
- Upon completion of a special assessment project, any excess funds will be considered common surplus, and shall, at the discretion of the board, either be returned to the unit owners or applied as a credit toward future assessments.
Per SVCA Bylaws Article II Section 2, a petition supported by 10% of the membership compels the Association to call an SGM. The Special General Meeting has been scheduled for Saturday, September 21st at 1:00 p.m. in the Dance Barn.
Additional information will be provided through The Views, SVCA website, email blast, and direct mailing.