Special Assessment in same year?

MW,

My opinion (as a strict constructionist) is that words mean what they say.

To avoid problems, 4 $25K specials over a 4 year period would be the correct way to do it. Though I wouldn't take issue with a BOD resolution stating its intent to collect $100K over a 4 year period.

6 of 1, half-dozen of another? Sure. Same outcome. Though notice to Membership never hurts. Most of the time, anyway.

IMHO "applicable to that year only" means that it is for one designated expenditure assessed at that particular time. This does not apply to how it is spread out and/or paid Susan
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I read it the same way as Susan does. Our ‘special assessment’ provision is not as restrictive. We can do a special assessment for a roof payable over x years. A hurricane/tornado - or any special assessment $ - can stay in the fund for as long as we want to. I know some posters may view 'special assessments' as poor planning, but I guess there are different definitions of special assessments . Our Association has been doing ‘special assessments’ for 20 years, I was told. And, it seems to work. Again, we are small and what works for us may not work for others.

MW,

Sorry but I don't read this the same way as Susan and Eva. IMO, "applicable to that year only" (if that is exactly what the CCRs say!) means the special assessment only applies to the year in which it is approved and would have to be paid w/i that year. Usually the board has authority to determine if it will be paid in one lump sum or can be paid monthly, quarterly, semi-annually. If it was meant to mean it could be spread over more than one year, IMO, it wouldn't say it is "applicable to that year only".

IMO, the board has two options:

1) ask for a $100,000 special assessment, or
2) ask for a $25,000 special assessment four years in a row

MW,

No, I do not have a law background. Thank you for the compliment. :-)

IMO, it's always best to err on the side of caution. I would suggest trying to get a consensus from the members as to whether they would prefer a one-time $100,000 special assessment (approx $3,500 payable in one year) or $25,000 each year for 4 years (approx $900 payable each year). Do you think the members would vote for a special assessment 4 years running?

MW
There is also one more catch and that is a ‘Disclosure Summary’ should that apply to California. In Florida you must disclose any pending assessments to the potential buyer. In your case, I'd do it differently, but I do not want to say any more, because I’ll get fussed at again.:-(

Oops, I meant Davis-Stirling not Stirling-Davis; so much for having my dyslexia cured.

We are preparing to send out the secret ballots to vote on different scenarios on how to repair our ponds. Because the above 2 choices would not be palatable to members in this bad economy, can we choose to have our monthly assessments increased for the next two years if all the members vote on this? Details would be included in the ballot.
And if so, could a "stealth" special assessment handled as a line item in the Reserve Study be kosher? I looked and on the surface it appears to be OK; but.... I would appreciate a second opinion.
Thank you for always being so helpful!

MW,

Your CCRs should state whether or not your assessments can be increased mid-year. I believe the CA Davis-Stirling Act imposes a limit on the amount and may require a vote of the members if the BOD proposes more than the limit.

I'm not sure what you mean by "stealth" special assessment as a line item in the Reserve Study. The Reserve Study only tells the board what special items are included in the study and the amount of reserves required for each line item.