Illinois condo association board budget spending without approval

I live in a 30 unit self-managed Illinois condo association. There are three officers, and all are close friends. They do a fine job at making sure bills are paid and repairs are completed. However, when the President decides he wants something done, he simply does it because the checks are written by his friend and co-officer. Is there a spending limit on property improvements that can be made? For example, they want to rebuild the parking lot and send out a special assessment of over $3,000 without taking a vote from other condo owners. The parking lot is in bad shape and needs repair. Can the officers make a big decision like this on their own? Our bylaws are over thirty years old and I think I’ve read that there is a $3,000 credit limit available for use without approval for repairs.

The condo association has lawyers on retainer, but only the President has access to them. The officers also hold meetings when they want, and there is nothing stated in the bylaws about how this business should be conducted. I’m interested to know if the owners have any recourse in this type of situation.