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~ management, operation, repair and repla <br />the common elements and those parts of <br />for which it is the responsibility <br />Association to maintain, repair and rep <br />the cost of wages, materials, insurance <br />services, supplies and other expenses th <br />declared to be common expenses by tl <br />Condominium Act, the Condominium instrum <br />resolution of the Board of Directors, <br />will be required during the ensuing fiscal <br />the administration, operation, mainter <br />repair of the Condominium and the renderi <br />unit owners of all related services. <br />~ <br />Such budget shall also include such ~ <br />amounts as the Board of Directors <br />necessary to provide working capital <br />general operating reserve accounts, contir <br />other reserve accounts as the Boa <br />determine. The amount designated for rE <br />reserves shall be adjusted annually t~ <br />current replacement cost and remaining usE <br />At least thirty (30) days before the bec <br />each fiscal year, the Board of directors ~ <br />to each unit owner a copy of the buc <br />reasonably itemized form which sets ~ <br />amount of the common expenses and an, <br />assessment payable by each unit owner. SL <br />shall constitute the basis for determi <br />unit owner's assessment for the common e} <br />the Condominium. <br />(c) The failure of the Board of Directors i <br />prepare and/or to present a budget to <br />owners shall not be cause for any owner t <br />refuse to pay assessments. Assessmer. <br />continue, based upon the last adopted or <br />budget, until a new budget is cre~ <br />announced. Retroactive increases and/or <br />~ement of <br />the units <br />of the <br />1ace, and <br />premiums, <br />at may be <br />~e Oregon <br />=nt s or a <br />~nd which <br />year for <br />ance and <br />ng to the <br />easonable <br />considers <br />and such <br />gency and <br />-d shall <br />placement <br />~ reflect <br />ful life. <br />inning of <br />hall send <br />~et in a <br />orth the <br />special <br />ch budget <br />iing each <br />penses of <br />imely to <br />the unit <br />~ fail or <br />=s shall <br />accepted <br />ted and <br />~pecial <br />assessments may be made by the Board of pirectors <br />to make up for any deficiency. I <br />(d) Subject to such revisions as the budget c <br />make under the Oregon Local Budget L <br />adoption of the budgets by the government <br />unit owners under the Oregon Local Budget <br />Board of Directors shall adopt the final b <br />the Association. In the event the <br />Directors fails timely to adopt a budget <br />fiscal year, unit owners holding not ] <br />mmittees <br />~w, upon <br />1 entity <br />Law, the <br />dget for <br />oard of <br />or a new <br />ess than <br />~r BYLAWS OF COURTHOUSE SQUARE CONDOMINIUM <br />PAGE - 12 <br />