Vermont § 3-123 - Adoption of budgets; special assessments

§ 3-123. Adoption of budgets; special assessments

• (a) The executive board, at least annually, shall adopt a proposed budget for the common
  interest community for consideration by the unit owners. Not later than 30 days after
  adoption of a proposed budget, the executive board shall provide to all the unit owners
  a summary of the budget, including any reserves, and a statement of the basis on which
  any reserves are calculated and funded. Simultaneously, the board shall set a date
  not less than 10 days or more than 60 days after providing the summary for a meeting
  of the unit owners to consider ratification of the budget. Unless at that meeting
  a majority of all unit owners or any larger number specified in the declaration reject
  the budget, the budget is ratified, whether or not a quorum is present. If a proposed
  budget is rejected, the budget last ratified by the unit owners continues until unit
  owners ratify a subsequent budget. (b) The executive board, at any time, may propose a special assessment. Except as otherwise
  provided in subsection (c) of this section, the assessment is effective only if the
  executive board follows the procedures for ratification of a budget described in subsection
  (a) and the unit owners do not reject the proposed assessment. (c) If the executive board determines by a two-thirds vote that a special assessment is
  necessary to respond to an emergency: (1) the special assessment becomes effective immediately in accordance with the terms
  of the vote; (2) notice of the emergency assessment must be provided promptly to all unit owners; and (3) the executive board may spend the funds paid on account of the emergency assessment
  only for the purposes described in the vote. (Added 2009, No. 155 (Adj. Sess.), § 41, eff. Jan. 1, 2012.)