Does an association have the power to impose a special assessment to fund reserves? Our reserve fund in Minnesota is underfunded. Our reserve study is recommending approximate $20 increases for the next 4 years. The increase for 2015 is going up for a homeowner vote, which most likely will not pass. Our documents allow the board to pass a special assessment without a vote. The documents specifically read "Special assessments shall be used for the purpose of defray in whole or in part of the cost of any unforeseen and non-budgeted common expense." Reserves are defined as a common expense in the Minnesota statutes. Would the board be within its authority to impose special assessments to fund the reserves per the reserve study recommendations? I want to seek an attorney opinion but the other board members assume that our bylaws do not allow this and do not want to seek an attorney opinion.
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