On November 24 Policy No. 9 titled “Capital Improvements Funding and Account” was revised to not allow exemptions from paying the fee for current SunBird homeowners buying another home in SunBird. The policy reads as follows: “The purpose of the Capital Improvement Fund and Account is to accumulate funds for Capital Improvement Projects. Capital Improvement Projects are those projects that through addition or restoration of current assets will either enhance the assets value or increase the life cycle of the assets. Capital Improvement projects shall be supported by the Reserve Fund, which shall be adjusted from time to time to support the asset.
The primary funding of this account is derived from the Capital Contribution Fee from home sales. The Board of Directors shall have the option of adjusting the allocations from the Capital Improvement Fund based upon the need and timing.
The Board, at the initiation of the next year budget, shall assign the dollar amount or a percentage of Capital Contribution Fee to be allocated to: 1. Capital Improvements (63 percent); 2. Reserve Account (20 percent); 3. Special Projects (17 percent).
All Capital Improvement projects recommended by the Project Review and Long Range Planning Committee shall be submitted for approval by the Board of Directors, subject to funds being available. All funds associated with the Capital Improvement Funding shall be deposited in separate accounts to maximize the return, with FDIC insured institutions.
This revised policy will go into effect January 1, 2015.”