Highlights in this Issue |
Highlights Continued |
Financial Disclosures
|
Association Policies and Rules
|
Rules Enforcement Disclosure & Member
Notice
|
Disclosure to Buyer
|
Insurance Disclosure
|
Board Meeting Schedule
|
The Newsletter of Palacio Planned
Development
HOA
Volume
10 Issue 11A
November
15, 2007
The following are the financial
disclosures for 2008:
1.
The Pro Forma Budget and Reserve
Funding Disclosures:
The Pro Forma Budget and Reserve Funding Disclosures will be mailed by the end
of November, 2007, as required by law. The reserve funding is based upon the
reserve study. Based upon the reserve study the current estimate of the amount
of cash reserves necessary by 12/31/07 is $449,266. Based upon the current reserve
funding, it is projected that the Association will have approximately $407,929
in reserves by year-end. The Board does
not anticipate the levying of one or more special assessments.
2.
Delinquent Assessment Policy:
Enclosed is the
Delinquent Assessment
Collection Policy Statement that
the Association will employ to compel the payment of assessments.
3.
Assessment Amount: The regular Assessment Amount will
be will be increased to $190.00 per month starting January 2008. The painting
assessment will remain the same at $34.00 per month, for a total monthly amount
of $224.00 per unit.
4.
Use of Reserve Funds:
The Association is using reserve funds exclusively to pay for reserve matters.
5.
Review of Financial Statement:
The financial review/audit by a licensed
Below are the Rule Enforcement Disclosures
& Member Notice for 2008:
1.
Schedule of Monetary Penalties:
Enclosed is the Schedule of Fines, which may be imposed on an owner for
a violation(s) of the governing documents.
2.
Internal Dispute Resolution:
A summary of Civil Code sections 1363.810-1363-850 is enclosed.
3.
Alternative Dispute Resolution Rights: A summary of Civil Code sections
1369.510-1369.590, which strongly encourages use of alternative dispute
resolution (ADR) to solve disagreements over the meaning or enforcement of the governing
documents, is enclosed.
4. Architectural Control Procedures: Architectural/Landscape Guidelines are
enclosed, which describe the types of changes that require approval and the
procedure used to review and approve or disapprove a proposed change.
5. Notice of Board Meetings: Notice of
Board meetings are given on the monthly statement and in the newsletter. The notice requirement is waived for
emergency meetings of the Board (i.e., arising from unforeseen circumstances that
require immediate attention).
6. Notice of Right to Receive Board Meeting
Minutes: Minutes (or an unapproved draft)
will be available and distributed to members upon request and at management's
cost ($3.00 per set) within thirty (30) days of the meeting by request
7. Notice Related to Construction Defect
Litigation: N/A
Enclosed, you will find a summary of the
insurance coverage’s provided by the Association. This summary of the
Association's policies of insurance provides only certain information, as
required by as required by California Civil Code Section 1365(e); and should
not be considered a substitute for the complete policy terms and conditions
contained in the actual policies of insurance.
Any Association Member may upon request and provision of reasonable
notice review the Association's insurance policies and, upon request and
payment of reasonable duplication charges, obtain copies of those policies.
Although the Association maintains
the policies of
insurance specified in the enclosed summary, the Association's policies
of insurance do not cover your property (i.e., residence and lot) for
fire, earthquake or flood, personal property or real property improvements to
or around your dwelling, or personal injuries or other tosses that occur within
or around your dwelling. Association
members should consult with their individual insurance brokers or agents for
appropriate coverage. Owners are
responsible to provide their own coverage for all areas not covered by the
Association's policies of insurance.
Also enclosed you will find the Association
policies and rules for 2008.
Sellers are to provide buyers with
the information provided within this newsletter. If you are planning to sell
your unit during the next twelve (i2) months, please be sure to pass this information,
along with a copy of the CC&Rs, By-Laws, and
Articles of Incorporation, etc., to the new owner(s).
Complete packets of this information
may be purchased from management at a cost of $100.00.
The Board typically meets every
other month at 6:30 p.m. usually at a location in the development. All owners
are encouraged to attend these meetings.
Notice of Board meetings is given on the monthly statements and in the
newsletter, Please contact management
to confirm the date, time, and location of Board meetings.
Neighborhood Association
Management, Inc.
Charlie Mitchell, Manager
Dee Lachner, Asst. Manager
(925) 243-1797
Fax (925) 243-1798
E-mail NAM@neighborhoodam.com
or