8F Consent 2011 0502 - Laserfiche WebLink

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7.11 Payment of Taxes and Assessments. If taxes or assessments authorized by law are levied against the Common Areas or any property owned by the Association, the Association shall pay such taxes or assessments. Such taxes and assessments may be contested or compromised by the Association, provided that they are paid or that a bond insuring payment is posted before the sale or the disposition of any property to satisfy the payment of such taxes. 7.12 Furnishing of Utilities. The Association shall acquire. provide, and pay for water, sewer, garbage disposal, refuse and rubbish collection, electrical, telephone, gas. and other necessary utility services for the CommAreas and the Condominiums to the extent that such services are not separately billed. 7.13 Securing Insurance. The Associati" on'shall obtain and maintain the insurance described in Article 10 of this Declaration. \ 7.14 Preparation and Distribution of Financial Information and Governing Instruments. The Association shali'prepare and disc Ibuiet he following financial statements, reports, and copies ol;the insta \ \as indicated: (i) A pro forma operating budget for \on+ each fiscaalyear. including: (A) estimated revenues•and expenses an accrual basis; \ e ; (B) identification of ihe.to.tal'cash reserves currently,se asid (C) ide of the estimated remaintng.life and the'methods of funding used to defray the future rep\ repair replacemer additions to majo co mponents for which the Association is responsible; and (D) a gene�a1statement ad�drissing.the procedure used for the calculation and establishment•ofre� erves to defray the future.repair, replacement, or additions to major components for which the Association is responsible. \\ \ \ 7.1 Other DutieAssociation shall perform such other acts as may be reasonably necessary to exercise its powers or perform its duties under any of the provisions of this Declaration, the Articles, the Bylaws, the Association Rules and Regulations, or Board'reesolutions. 7.16 Limitati \'on Authority of Board and the Association. Except with the vote or written consent of the Owners holding fifty -one percent (51 %) of the voting rights of each class of Owners, if two classes exist, or, if only one class exists, fifty -one percent (51%) of the voting rights of Owners (including Declarant) and fifty -one percent (51%) of the voting rights of Owners other than Declarant. the Board shall not take any of the following actions: (i) Except as permitted by law, incur aggregate expenditures for capital improvements other than budgeted and reported capital expenditures to the Common Areas in any fiscal