When a condo association solicits proxies for waiving the funding of reserves is it REQUIRED to provide a detailed breakdown of the reserve requirements? What part of the code spells this out? For example, our board has recently solicited proxies for waiving funding of statutory reserves but did not provide any data with the mail solicitation on the replacement costs or annual funding needed to build the reserves. It only provided the impact on quarterly assessments of waiving the reserve requirement. We have an owners' meeting shortly on this and I would like to understand the legality of their action.
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