Book: 5327 Page: 3865
satisfy the City of New Smyrna Beach; the acquisition of labor or services (including security services and professional services of attorneys, accountants, engineer:,, consultants, etc.); equipment, materials, management, and the supervision necessary to pr,ovide the authorized services or benefits; {d) for the payment of principal, interest and other charges connected with loans made to or asst11ned by that particular Association for the purpc,se of enabling said Association to perform its authorized functions (including the payment of mc,rtgages upon areas of the Venetian Bay Community owned by said Association, even though su<:h mortgages were of record at the time the Association received title from Developer; (e) to p~1y the costs of social functions open to all member; (t) to keep in force and pay for liability insurance on all areas of the Subdivision within its o,vt1ership or control in amotlllts not less than required by this Declaration; and (g) to be used for the maintenance and repair of the surface water or stc 1 rmwater management systems including but not limited to work within retention areas, drainage struetures and drainage easements~ No initiation fee may be charged to members of any of the Associations as a pre~condition to use of such areas or facilities. User fees, however, may be charged. The Associations shall not be bound in setting assessments in subsequent years by the amount of the ass,!ssments set in earlier years. Notwithstanding any of the provisions of this Article~ in no event shall assessments and other revenues collected by the Associations exceed their expenses and reasonable~ reserves to an extent which would violate any Association's not-for-profit status. Section 4.3 Assessment Amounts. The initial regular annual assessment is hereby set at the rate of $800.00 per Lot or Dwelling Unit for the Owners Association. The initial regular annual assessment for any Neighborhood Association shall be established at the tin1e each Neighborhood Association is inc-orporated4 All areas of the Subdivision that have private streets will have an additional assessment charged by the Owners Association against Lots and ])welling Units therein in an amount sufficient to fund the replacement, repairs and maintenance of the private streets. If areas with private streets require security service or security equipment, then an additional assessment will be charged by the 0\\ners Association against Lots and D·welling Units in those areas to c-over same. All assessments for private road replacement, repair or maintenance shall be held in an escrow account separate from the Owners Association's other funds. Any Change in the annual assessment shall be determined at a m(~ting of the Board of Directors of the applicable Association, provided, however, that the portio11 escrowed for private street improvement and repair shall be automatically adjusted by the Board of Directors of the Owners Association fro1n the base monthly escrow amount in accordance V\rith the rate if inflation 15
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