California Codes, Civil Code - CIV, Division 4 — General Provisions, Part 5 — Common Interest Developments, Chapter 7 — Finances, Article 3 — Reserve Planning, Section 5560
(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.
Notes
Requires the reserve funding plan to schedule the date and amount of any regular or special assessment changes needed to fund reserves and requires board adoption at an open membership meeting. Any board determination that an assessment increase is necessary must be approved through a separate board action consistent with the referenced assessment procedure.
Use as reference
Lexinter.net | California Code, Civil Code - CIV § 5560 | https://laws.lexinter.net/codes/california/civil-code/division-4/part-5/chapter-7/article-3/section-5560