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BILL: CS/SB 1178 Page 28 The bill also clarifies that the turnover report required under ss. 718.301(4)(p) and 719.301(4)(p), F.S., consists of a structural integrity reserve study. Assessments — Condominiums Present Situation Section 718.112(2)(i), F.S., provides for the manner of collecting assessments from unit owners, which may be done not less than quarterly. Current law does not provide guidelines or requirements for condominium associations to obtain a line of credit in lieu of a special assessment for the funding of reserves or other expenditures. A special assessment is any assessment levied against a unit owner other than the assessment required by a budget adopted annually. 75 Section 718.116(10), F.S., requires that the specific purpose or purposes of any special assessment, including any contingent special assessment levied in conjunction with the purchase of an insurance policy authorized by s. 718.111 (11), F.S., approved in accordance with the condominium documents must be set forth in a written notice of assessment sent or delivered to each unit owner. Current law does not specify that a special assessment must be recorded in the public records. Effect of Proposed Changes In lieu of a special assessment, the bill amends the assessment provisions in s. 718.112(2)(i), F.S., to provide a process for the board to secure a line of credit and assess a contingent special assessment to fund repairs recommended by a milestone inspection required under s. 553.899, F.S., or a similar local inspection requirement or structural integrity reserve study, or unanticipated repairs. Under the bill, the board must have immediate access to the funding in the line of credit to fund required repairs, maintenance, or replacement expenses without further approval by the members of the association. A unit owner may opt to pay the contingent special assessment in full at the time it becomes due, or may be allowed to make amortized payments over a term of years as provided for by the line of credit. However, a unit owner may pay the remaining balance of the special assessment at any time during the amortization period. A line of credit may not be used as an alternative to an association's reserve funding obligation. However, for a budget adopted on or before December 31, 2029, the bill permits an association to secure a line of credit and assess a contingent special assessment to meet the reserve funding schedule recommended by the structural integrity reserve study. The bill amends s. 718.116, F.S., to include contingent special assessments and any line of credit for which a contingent special assessment may be imposed in the list of information that must be included in the estoppel certificate. 76 75 Section 718.103(25), F.S. 76 When an ownership interest in a condominium unit is transferred, the new owner is jointly and severally liable with the previous owner for unpaid assessments owed to a condominium, cooperative, or homeowners' association. Unpaid assessments may also become a lien on the property. Under s. 718.116(8), F.S., a unit owner may request that the association 338