Verbatim from the public record. The law itself is a government work — always confirm the current version on the official source before you rely on it.
I. The board of directors, at least annually, shall adopt a proposed budget for the unit owners' association for consideration by the unit owners. Not later than 30 days after adoption of a proposed budget, the board of directors shall provide to all the unit owners a summary of the budget, including any reserves, and a statement of the basis on which any reserves are calculated and funded. Simultaneously, the board shall set a date not less than 10 days or more than 60 days after providing the summary for a meeting of the unit owners to consider ratification of the budget. Unless at that meeting 2/3 of all unit owners or any larger number specified in the declaration reject the budget, the budget is ratified, whether or not a quorum is present. If a proposed budget is rejected, the budget last ratified by the unit owners continues until the unit owners ratify a subsequent budget.
II. The board of directors, at any time, may propose a special assessment. Except as otherwise provided in paragraph III, the assessment is effective only if the board of directors follows the procedures for ratification of a budget described in paragraph I and the unit owners do not reject the proposed assessment.
III. If the board of directors determines by a 2/3 vote that a special assessment is necessary to respond to an emergency:
(a) The special assessment becomes effective immediately in accordance with the terms of the vote.
(b) Notice of the special assessment shall be provided promptly to all unit owners.
(c) The board of directors may spend the funds paid on account of the special assessment only for the purposes described in the vote.
IV. For the purposes of this section, an "emergency" means a situation that requires immediate action by the board of directors where a danger to the structural integrity of the common areas is discovered or to the life and safety of property unit owners or as required by a court order or to respond to any legal or administrative proceeding brought against the association that could not have been reasonably foreseen by the board in preparing and distributing the annual operating budget.
Source. 2016, 311:2, eff. Aug. 1, 2016. 2018, 186:1, eff. Aug. 7, 2018.