4.07 Special Assessments

FCHOA Declaration of Protective Covenants - Revision Date: 2022-05-20

The Board of Directors may levy, for any fiscal year, a Special Assessment applicable to that year, but not longer than the following year for the purpose of defraying, in whole or in part, the cost of any construction, reconstruction, repair, or replacement of a capital asset or the Common Area, including fixtures and personal property related thereto, or for acquisition of any Common Area, or for the purpose of modifying, improving or adding Common Area or amenities, or for any other area of Association responsibility as provided for in this Declaration, if the purpose in doing so is found by the Board of Directors to be in the best interest of the Association. In addition, the Board may levy Special Assessments in accordance with Va. Code. Ann. § 55.1-1825.