2007 Minnesota Statutes
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Chapter 515B
Section 515B.3-114
Recent History
- 2011 515B.3-114 Amended 2011 c 116 art 2 s 14
- 2010 515B.3-114 Amended 2010 c 267 art 3 s 11
- 2005 515B.3-114 Amended 2005 c 121 s 29
This is an historical version of this statute chapter. Also view the most recent published version.
515B.3-114 RESERVES; SURPLUS FUNDS.
(a) The annual budgets of the association shall provide from year to year, on a cumulative
basis, for adequate reserve funds to cover the replacement of those parts of the common interest
community which the association is obligated to replace. These reserve requirements shall not
apply to a common interest community which is restricted to nonresidential use.
(b) Unless the declaration provides otherwise, any surplus funds that the association has
remaining after payment of or provision for common expenses and reserves shall be (i) credited to
the unit owners to reduce their future common expense assessments or (ii) credited to reserves, or
any combination thereof, as determined by the board of directors.
History: 1993 c 222 art 3 s 14; 2005 c 121 s 29
(a) The annual budgets of the association shall provide from year to year, on a cumulative
basis, for adequate reserve funds to cover the replacement of those parts of the common interest
community which the association is obligated to replace. These reserve requirements shall not
apply to a common interest community which is restricted to nonresidential use.
(b) Unless the declaration provides otherwise, any surplus funds that the association has
remaining after payment of or provision for common expenses and reserves shall be (i) credited to
the unit owners to reduce their future common expense assessments or (ii) credited to reserves, or
any combination thereof, as determined by the board of directors.
History: 1993 c 222 art 3 s 14; 2005 c 121 s 29
Official Publication of the State of Minnesota
Revisor of Statutes