9.3. The Board shall adopt a Budget (as defined and provided for in the Declaration) of the anticipated Operating Expenses for each forthcoming calendar year (the fiscal year of the Association being the calendar year) at a special meeting of the Board (“Budget Meeting”) called for that purpose to be held during the month of November of the year preceding the year to which the Budget app1ies. Notice of such special meeting of the Board, at which Assessments or Special Assessments will necessarily be considered or levied, shall be properly noticed to all Members in accordance with Section 720.303(2), Florida Statutes, which among other requirements requires fourteen (14) day written notice to the Members containing a statement regarding the nature of the Assessments or Special Assessments to be considered or Jevied. Prior to the Budget Meeting, a proposed Budget for the Operating Expenses shall be prepared by or on behalf of the Board. Within thirty (30) days after adoption of the Budget, a copy thereof shall be furnished to each Member, upon request, and each Owner shall be given notice of the Individual Lot Assessment applicable to his Lot(s). The copy of the Budget, if requested, shall be deemed furnished and the notice of the Individual Lot Assessment shall be deemed given upon its delivery or upon its being mailed to the Owner shown on the records of the Association at his last known address as shown on the records of the Association. If a Neighborhood within Bella Collina is administered by a Neighborhood Association, the total anticipated Neighborhood Expense for the Neighborhood each calendar year shall be set forth in a budget prepared by the Board of the Neighborhood Association. If a Neighborhood is not administered by a Neighborhood Association, the total anticipated Neighborhood Expenses for the Neighborhood each calendar year shall be set forth in a budget prepared by the Board of the Association.
9.4. In administering the finances of the Association, the following procedures shall govern: (i) the fiscal year shall be the calendar year; (ii) any monies received by the Association in any calendar year may be used by the Association to pay expenses incurred in the same calendar year; (iii) there shall be apportioned between calendar years on a pro-rata basis any expenses which are prepaid in any one calendar year for Operating Expenses and Neighborhood Expenses, if any, which cover more than such calendar year; (iv) Assessments shall be made quarterly in amounts no less than are required to provide funds in advance for payment of all of the anticipated current Operating Expenses and Neighborhood Expenses, if any, and for all unpaid Operating Expenses and Neighborhood Expenses, if any, previously incurred; and (v) items of Operating Expenses and Neighborhood Expenses, if any, incurred in a calendar year shall be charged against income for the same calendar year regardless of when the bill for such expenses is received. Notwithstanding the foregoing, the Assessments for Operating expenses and Neighborhood Expenses, if any, and any periodic installments thereof shall be of sufficient magnitude to ensure adequacy and availability of cash to meet all budgeted expenses in any calendar year as such expenses are incurred in accordance with the cash basis method of accounting.
9.5. Individual Lot Assessments and Neighborhood Assessments, if any, shall be payable as provided in the Declaration or any Supplemental Declaration.
9.6. No Board shall be required to anticipate revenue from Assessments or expend funds to pay for Operating Expenses or Neighborhood Expenses not budgeted or which shall exceed budgeted items, and no Board is required to engage in deficit spending. Should there exist any deficiency which results from there being greater Operating Expenses or Neighborhood Expense than monies from Assessments, then such deficits shall be carried into the next succeeding year’s Budget as a deficiency or shall be the subject of a Special Assessment or an upward adjustment to the Individual Lot Assessment or Neighborhood Assessment, if applicable.
9.7. The depository of the Association sha11 be such bank or banks as shall be designated from time to time by the Board in which the monies of the Association shall be deposited. Withdrawal of monies from such account shall be only by checks signed by such persons as are authorized by the Board.
9.8. A report of the accounts of the Association shall be made annually by an accountant and a copy of the report shall be furnished to each Member who requests same in writing no later than the first day of April of the year following the year for which the report is made. The report shall be deemed to be furnished to the Member upon its delivery or mailing to the Member at his last known address shown on the records of the Association.
Section 10. Rules and Regulations
The Board may at any meeting of the Board consider and adopt rules and regulations or amend, modify, rescind, or revoke then existing rules and regulations for the operation of Bella Collina; provided, however, that such rules and regulations are not inconsistent with the terms or provisions of the Bella Collina Documents and that notice of any meeting of the Board at which rules regulating the use of the Committed Property will be considered, adopted, amended, modified, rescinded or revoked is provided to the Members in accordance with Section 720.303(2), Florida Statutes, which among other requirements requires fourteen (14) day written notice to the Members containing a statement concerning the nature of the proposed changes to the rules. Copies of any rules and regulations promulgated, amended or rescinded shall be mailed or delivered to all Members at the last known address for such Members as shown on the records of the Association at the time of such delivery or mailing and shall not take effect until forty-eight (48) hours after such delivery or mailing, or, in the event both forms of notification are used, whichever is later. Notwithstanding the foregoing, when rules and regulations are to regulate the use of a specific portion of the Association Property, same shall be conspicuously posted at such facility and such rules and regulations shall be effective immediately upon such posting. Care shall be taken to insure that posted rules and regulations are conspicuously displayed and easily readable and that posted signs or announcements are designed with a view toward protection from weather and the elements. Posted rules and regulations which are torn down or Jost shall be promptly replaced.
Section 11. Parliamentary Rules
The then-latest edition of Robert’s Rules of Order shall govern the conduct of all meetings of the Members and the Board; provided, however, if such rules of order are in conflict with any of the Bella Collina Documents, Robert’s Rules of Order shall yield to the provisions of such instrument.
Section 12. Roster of Owners
Each Owner shall file with the Association a copy of the deed or other document showing his ownership interest in Bella Collina. The Association shall maintain such information. The Association may rely on the accuracy of such information for a11 purposes until notified in writing of changes therein.
Section 13. Amendment of the Bylaws
13.1. These Bylaws may be amended as hereinafter set forth in this Section 13.
13.2. After the Turnover Date, any Bylaw of the Association may be amended or repealed, and any new Bylaw of the Association may be adopted by either:
(a) a majority vote of the Members at any Annual Members’ Meeting or any special meeting of the Members called for that purpose or by majority action of the Members who have acted by the written response in lieu of a Meeting as permitted by these Bylaws; or
(b) by the affirmative vote of a majority of the Directors then in office at any regular meeting of the Board or at any special meeting of the Board called for that purpose or by written instrument signed by all of the Directors as is permitted by these Bylaws, provided that the Directors shall not have any authority to adopt, amend or repeal any Bylaw if such new Bylaw or such amendment or the repeal of a Bylaw would be inconsistent with any Bylaw previously adopted by the Members.
13.3. Notwithstanding any of the foregoing provisions of this Section 13 to the contrary, until the Turnover Date, all amendments or modifications to these Bylaws and adoption or repeal of Bylaws shall only be made by the action of the First Board as described in the Articles, which First Board shall have the power to amend, modify, adopt and repeal any Bylaws without the requirement of any consent, approval or vote of the Members.
13.4. Notwithstanding the foregoing provisions of this Section 13, there shall be no amendment to these Bylaws which shall abridge, amend or alter the rights of: (i) Declarant, without the prior written consent thereto by Declarant for so long as Declarant holds title to at least one (1) Lot; or (ii) any Institutional Mortgagee without the prior written consent of such Institutional Mortgagee.
13.5. Any instrument amending, modifying, repealing or adding Bylaws shall identify the particular section or sections affected and give the exact language of such modification, amendment or addition or of the provisions repealed. A copy of each such amendment, modification, repeal or addition attested to by the Secretary or Assistant Secretary of the Association shall be recorded amongst the Public Records of the County.
Section 14. Interpretation
In the case of any conflict between the Articles and these Bylaws, the Articles shall control; and in the case of any conflict between the Declaration and these Bylaws, the
Declaration shall control; and in the event of any conflict between the Articles and the Declaration, the Declaration shall control.
BELLA COLLINA ASSOCIATION, INC OWNER’S
By: John R. Asp, president
Attest: Vince Bonner, Secretary