|
RESOLUTION WHEREAS, there is currently a shortage in the Association's cash flow, impairing the Association's ability to meet its current operating expenses, due to additional expenses not anticipated in the budget [state reason(s) for cash flow shortage]; and WHEREAS, the Board has determined that it will be in the best interests of the Association to temporarily transfer money from the reserve fund to the general operating account; BE IT RESOLVED that the President and the Treasurer are hereby authorized and instructed to transfer the amount of $_________ from the reserve account to the general operating account. The money transferred and expended, pursuant to this Resolution, shall be restored to the Association's reserve fund not more than one (1) year from the initial date of the transfer and shall be repaid from the following source: [state source of repayment, e.g., increase in regular assessments, a special assessment or some other source]
By:
____________________________ <Disclaimer: This form is for informational purposes only and may not be appropriate for your particular needs. You should seek legal counsel before using the form.> | |
| Free Newsletter | Disclaimer | Contact Us Davis-Stirling.com is a product of Adams Kessler PLC and is not sponsored by or affiliated with any governmental agency. Copyright ©2003-2008 ADAMS KESSLER. Authorized for use by associations and management companies | |