Book: 5327 Page: 3965
satisfY the City of New Smyrna Beach; the acquisition of labor or services (including security services and professional services of attorneys, accountants, engineers, consultants, etc.); equipment, materials, management, and the supervision necessary to provide the authorized services or benefits; (d) for the payment of principal, interest and other charges connected with loans made to or assumed by that particular Association for the purpose of enabling said Association to perform its authorized functions (including the payment of mortgages upon areas of the Venetian Bay Community owned by said Association, even though sm:h mortgages were of record at the time the Association received title from Developer; (e) to pay the costs of social functions open to all member; (f) to keep in force and pay for liability insura11ce on all areas of the Subdivision within its ownership or control in amounts not less than required by this Declaration; and (g) to be used for the maintenance and repair of the surface water or stormwater management systems including but not lirllited to work within retention areas, drainage struCtures 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 ass1~ssments set in earlier years. Notwithstanding a11y of the provisions of this Article, in no event shall assessments and other revenues collected by the Associations exceed their expenses and reasonabl1~ reserves to an extent which would violate any Association's not-for-profit status. The initial regular armual assessment is hereby set at the rate of $800.00 per Lot or Dwelling Unit for the Owners Association. The initial regular armual assessment for any Neighborhood Association shall be established at the time each Neighborhood Association is incorporated. All areas of the Subdivision that have private streets will have an additional assessment charged by the Owners Association Lots and Dwelling Units therein in an amount sufficient to fund the replacement, repairs and maintenance of the private slleets. If areas with private streets require security service or security equipment, then an additional assessment will be charged by the Owners Association against Lots and Dwelling Units in those areas to cover 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 armual assessment shall be determined at a m1:eting of the Board of Directors of the applicable Association, provided, however, that the portion escrowed for private street irllprovement and repair shall be automatically adjusted by the Board of Directors of the Owners Association from the base monthly escrow amount in accordance with the rate if inflation 15
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