Referendum policy

We are trying to put together a by-law amendment stating that the BOD will put out a referendum to members when a major capital improvement is being considered/proposed. Do any of you guys have a “referendum” policy in your bylaws that you can share? Do you have a dollar amount that would trigger the requirement for a referendum? Thanks…

Thanks, Glen. We are a HOA with 465 deeded lots. The bod governs over the CCR's and by-laws. Our dues cover the operating expenses of the association. Our common ground expenses are salaries, roads, grounds maintenance, swimming pool, club house, utilities, insurance etc. We have limitied amenities that have user fees such as laundry room, marina, and boat storage. Two years ago the bod voted to totally replace the marina (in 3 phases) to the tune of a half a million dollars without members approval. They have since been increasing our dues so that we had a $100K budget surplus last year that they used to pay off the marina loan so that they could get a new loan for the next phase. Members are outraged and do not want this to happen again....hence the suggestion of a referendum.