Authorities
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MI authorities are…
- The Board of Directors (Board) has authority to manage the MI Reserves and related project funding subject to the limitations of the CCRE and as detailed in the Association’s Policies (e.g., Authority to Commit Funds and Investment Policy – QHRRP 9000-200).
- As specified in the Authority to Commit Funds Policy…
- The Board has the authority to levy a special assessment for MI expenditures, up to $100,000 aggregate total per budget year. MI expenditures that are over $100,000 in aggregate or on an individual project basis must be authorized by a vote of property owners.
- The Board also has the authority to transfer excess operating cash and to borrow from MRR Reserves to fund the MI Reserves.
- The Property Manager (PM), as referred to in this policy, is the individual from the contracted property.
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