2015 Minnesota Statutes
Chapters 500 - 515B — PROPERTY AND PROPERTY INTERESTS
Chapter 515B — MINNESOTA COMMON INTEREST OWNERSHIP ACT
Section 515B.3-114 — RESERVES; SURPLUS FUNDS.
(a) 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 interest community which the association is obligated to replace. These reserve requirements shall not apply to a common interest community which is restricted to nonresidential use.
(b) 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.
(c) This section applies to common interest communities only for their fiscal years commencing before January 1, 2012.
History:1993 c 222 art 3 s 14; 2005 c 121 s 29; 2010 c 267 art 3 s 11; 2011 c 116 art 2 s 14
Disclaimer: These codes may not be the most recent version. Minnesota may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
