2000 Minnesota Statutes

     515B.3-114 Reserves; surplus funds. 

    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 elements 
 and limited common elements which the association is obligated 
 to maintain, repair, or replace.  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. 

    HIST: 1993 c 222 art 3 s 14