SB 528 — CONDO-GARAGE STORAGE NOT UNITS

SB0528 EngrossedEnrolled LRB095 03634 AJO 23657 b AN ACT concerning property.

SB0528 EngrossedEnrolled - 2 - LRB095 03634 AJO 23657 b (6) that each unit owner shall receive, at least 30 days prior to the adoption thereof by the board of managers, a copy of the proposed annual budget together with an indication of which portions are intended for reserves, capital expenditures or repairs or payment of real estate taxes;

(8) (i) that each unit owner shall receive notice, in the same manner as is provided in this Act for membership meetings, of any meeting of the board of managers concerning the adoption of the proposed annual budget and regular assessments pursuant thereto or to adopt a separate (special) assessment, (ii) that except as provided in subsection (iv) below, if an adopted budget or any separate assessment adopted by the board would result in the sum of all regular and separate assessments payable in the current fiscal year exceeding 115% of the sum of all regular and separate assessments payable during the preceding fiscal SB0528 EngrossedEnrolled - 3 - LRB095 03634 AJO 23657 b year, the board of managers, upon written petition by unit owners with 20 percent of the votes of the association delivered to the board within 14 days of the board action, shall call a meeting of the unit owners within 30 days of the date of delivery of the petition to consider the budget or separate assessment;

With respect to multi-year assessments not governed by items (iv) and (v), the entire SB0528 EngrossedEnrolled - 4 - LRB095 03634 AJO 23657 b amount of the multi-year assessment shall be deemed considered and authorized in the first fiscal year in which the assessment is approved;

that the board may prescribe reasonable rules and regulations to govern the right to make such recordings, that notice of such meetings shall be mailed or delivered at least 48 hours prior thereto, unless a written waiver of such notice is signed by the person or persons entitled to such notice pursuant to the declaration, bylaws, other condominium instrument, or provision of law other than this subsection before the meeting is convened, and that copies of notices of meetings SB0528 EngrossedEnrolled - 5 - LRB095 03634 AJO 23657 b of the board of managers shall be posted in entranceways, elevators, or other conspicuous places in the condominium at least 48 hours prior to the meeting of the board of managers except where there is no common entranceway for 7 or more units, the board of managers may designate one or more locations in the proximity of these units where the notices of meetings shall be posted;

(13) the method of filling vacancies on the board which shall include authority for the remaining members of the board to fill the vacancy by two-thirds vote until the next annual meeting of unit owners or for a period terminating no later than 30 days following the filing of a petition signed by unit owners holding 20% of the votes of the association requesting a meeting of the unit owners to fill the vacancy for the balance of the term, and that a meeting of the unit owners shall be called for purposes of filling a vacancy on the board no later than 30 days following the SB0528 EngrossedEnrolled - 6 - LRB095 03634 AJO 23657 b filing of a petition signed by unit owners holding 20% of the votes of the association requesting such a meeting, and the method of filling vacancies among the officers that shall include the authority for the members of the board to fill the vacancy for the unexpired portion of the term;

(17) that the board of managers may disseminate to unit owners biographical and background information about candidates for election to the board if (i) reasonable SB0528 EngrossedEnrolled - 7 - LRB095 03634 AJO 23657 b efforts to identify all candidates are made and all candidates are given an opportunity to include biographical and background information in the information to be disseminated;

(2) that the association shall have one class of SB0528 EngrossedEnrolled - 8 - LRB095 03634 AJO 23657 b membership;

(8) that, where there is more than one owner of a unit, if only one of the multiple owners is present at a meeting of the association, he is entitled to cast all the votes allocated to that unit, if more than one of the multiple owners are present, the votes allocated to that unit may be cast only in accordance with the agreement of a majority in SB0528 EngrossedEnrolled - 9 - LRB095 03634 AJO 23657 b interest of the multiple owners, unless the declaration expressly provides otherwise, that there is majority agreement if any one of the multiple owners cast the votes allocated to that unit without protest being made promptly to the person presiding over the meeting by any of the other owners of the unit;

that the ballots shall be mailed or otherwise distributed to unit owners not less than 10 and not more than 30 days before SB0528 EngrossedEnrolled - 10 - LRB095 03634 AJO 23657 b the election meeting, and the board shall give unit owners not less than 21 days’ prior written notice of the deadline for inclusion of a candidate’s name on the ballots;

SB0528 EngrossedEnrolled - 11 - LRB095 03634 AJO 23657 b (10) that the association may, upon adoption of the appropriate rules by the board of managers, conduct elections by secret ballot whereby the voting ballot is marked only with the percentage interest for the unit and the vote itself, provided that the board further adopt rules to verify the status of the unit owner issuing a proxy or casting a ballot;

For purposes of this subsection, SB0528 EngrossedEnrolled - 12 - LRB095 03634 AJO 23657 b "installment contact" shall have the same meaning as set forth in Section 1 (e) of "An Act relating to installment contracts to sell dwelling structures", approved August 11, 1967, as amended;

(d) Election of a secretary from among the board of managers, who shall keep the minutes of all meetings of the board of managers and of the unit owners and who shall, in SB0528 EngrossedEnrolled - 13 - LRB095 03634 AJO 23657 b general, perform all the duties incident to the office of secretary.

A management company holding reserve funds of an association shall at all times maintain a separate account for each association, provided, however, that for investment purposes, the Board of Managers of an association may authorize a management company to maintain the SB0528 EngrossedEnrolled - 14 - LRB095 03634 AJO 23657 b association’s reserve funds in a single interest bearing account with similar funds of other associations.

For purposes of this subsection, the term "fiduciary insurance coverage" shall be defined as both a fidelity bond and directors and officers liability coverage, the fidelity bond in the full amount of association funds and association reserves that will be in the custody of the association, and the directors and officers liability coverage at a level as shall be determined to be reasonable by the board of managers, if not otherwise SB0528 EngrossedEnrolled - 15 - LRB095 03634 AJO 23657 b established by the declaration or by laws.

SB0528 EngrossedEnrolled - 16 - LRB095 03634 AJO 23657 b (m) The percentage of votes required to modify or amend the bylaws, but each one of the particulars set forth in this section shall always be embodied in the bylaws.

SB0528 EngrossedEnrolled - 17 - LRB095 03634 AJO 23657 b (o) The association shall have no authority to forbear the payment of assessments by any unit owner.

SB0528 EngrossedEnrolled - 18 - LRB095 03634 AJO 23657 b (Source: