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Reserve funds and any interest accruing thereon shall remain in the reserve account or <br /> accounts and shall be used only for authorized reserve expenditures, unless their use for other <br /> purposes is approved in advance by a majority vote at a duly called meeting of the Association. <br /> If the Board adopts in any fiscal year an annual budget which requires assessments <br /> against Owners which exceed 115 percent of assessments for the preceding fiscal year, the Board <br /> shall conduct a special meeting of the Owners to consider a substitute budget if the Board <br /> receives, within twenty-one (21) days after adoption of the annual budget, a written request for a <br /> special meeting from at least 10 percent of all Voting Interest. The special meeting shall be <br /> conducted within 60 days after adoption of the annual budget. At least 14 days prior to such <br /> special meeting, the Board shall hand deliver to each Owner, or mail to each Owner at the <br /> address last furnished to the Association, a notice of the meeting. An Officer or manager of the <br /> Association, or other person providing notice of such meeting shall execute an affidavit <br /> evidencing compliance with this notice requirement and such affidavit shall be filed among the <br /> official records of the Association. Owners may consider and adopt a substitute budget at the <br /> special meeting. A substitute budget is adopted if approved by a majority of all Voting Interests. <br /> If there is not a quorum at the special meeting or a substitute budget is not adopted, the annual <br /> budget previously adopted by the Board shall take effect as scheduled. <br /> Any determination of whether assessments exceed 115 percent of assessments for the <br /> prior fiscal year shall exclude any authorized provision for reasonable reserves for repair or <br /> replacement of the Condominium Property, anticipated expenses of the Association which the <br /> Board does not expect to be incurred on a regular or annual basis, or assessments for betterments <br /> to the Condominium Property. <br /> C. Within 90 days after the end of the fiscal year, or annually on a date on or before <br /> May 1, the Board of Directors shall prepare and complete, or cause to be prepared and completed <br /> by a third party, a financial report for the preceding fiscal year. On or before May 1 each year <br /> after the financial report is completed or received by the Board of Directors from the third party, <br /> the Board of Directors shall mail to each Owner at the address last furnished to the association <br /> by the Owner, or hand deliver to each Owner, a copy of the financial report. Financial reports <br /> shall be prepared as required, or the reporting requirements may be waived as provided under <br /> Section 718.111, Florida Statutes, as amended from time to time. <br /> 7. PARLIAMENTARY RULES <br /> Rules of Order adopted by the City Commission shall govern the conduct of the <br /> corporate meetings when not in conflict with the Articles of Incorporation and these By-Laws or <br /> with the Statutes of the State of Florida. <br /> 8. AMENDMENTS TO BY-LAWS <br /> Amendments to these By-Laws shall be proposed and adopted in the following manner: <br /> A. Amendments to these By-Laws may be proposed by the Board of Directors of the <br /> Association acting upon vote of a majority of the Directors, or by a majority of the Voting <br /> Interests of the Association, whether meeting as Members or by instrument in writing signed by <br /> them. <br /> 11 <br />