Special Assessment for Dock Repairs and New Bathhouse

Oceanside Marina Condominium Association, Inc.
Board of Directors
SPECIAL ASSESSMENT RESOLUTION
PIER REPAIR AND IMPROVEMENT

Whereas the Board has determined that the Association’s three piers, Common Elements of the Association, are urgently in need of substantial repair, replacement in part, and re-equipping;
And Whereas the Board has determined the cost of building a new association owned Bathhouse and the underlying real estate;
And Whereas the Board, based on estimates received from competent contractors finds that the costs of accomplishing said work will be approximately $3,000,000;
And whereas the Board finds that the general annual budget for operation of the Association is not sufficient to pay for any part of said work;
And whereas the Board finds that an initial special Assessment in the amount of $3,000,000 is appropriate and necessary to fund the cost of said work and that the Board has a duty to protect the Common Elements of the Association;
Now, therefore the Board of Directors under the authority of Florida Statute 718(1)(e)(2)(b) and OMCA Declaration Paragraph 10.3 does hereby establish the OMCA PIER RESTORATION SPECIAL ASSESSMENT with the following terms and conditions:
1. Initial Amount: $3,000,000. This amount may be modified by future action of the Board following written notice to the Members. Consent of the Members shall not be required;

2. The officers of the Association shall establish a separate checking account. All funds received and all funds disbursed shall be deposited in and withdrawn from said account. The funds shall only be disbursed to pay for the direct and indirect costs of said work, including all costs of borrowing should borrowing be required.

3. The administration of the Special Assessment fund shall be audited by a certified public accountant quarterly. Further the Treasurer of the Association shall provide monthly a detailed report to the Board of Directors setting forth all transactions during the prior month.

4. The $3,000,000 special assessment shall be divided prorata among the Members of the Association in the same manner as the general annual assessment.

5. The initial notice of assessment shall be issued to all Members effective May 1, 2015.

6. Members shall have until June 30th, 2015 to make a complete cash payment and avoid any interest charges. On July 1st, 2015 Members who have not paid the full assessment will be obligated to pay in monthly installments amortized for a period of ten years at an annual interest rate of six (6) % for their share of the assessment . A Member may prepay any portion of the remaining amount due at any time without penalty. Any prepayment of less than the total principle outstanding will not modify the amount of the payment due each month.

7. In the event of a sale or financing of a slip the entire amount remaining due under the installment method may be paid in full or continue as the obligation of the new slip owner.

8. Following completion of the work, any funds remaining must either be returned to the Members in accordance with the principal amounts paid by the Members, or transferred to the general fund.

I certify that the above resolution was adopted by
The Board of Directors at a Special Meeting held on
the 21st day of April 2015.
________________________
Jiwan Noah Singh, Secretary

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