Assessments are the periodic amounts due from each homeowner to cover the operating expenses of the common area and provide for reserve funds for replacement of common facilities in future years. Assessments are currently paid in two equal installments of $230.00 for an annual total of $460.00. Payments are due on March 1st and May 1st of each year.
ARTICLE IV COVENANT FOR MAINTENANCE ASSESSMENTS
Section 2. Purposes of Assessments and Duties of Association
The assessments levied by the Association shall be used exclusively to promote the recreation, health, safety and welfare of the residents of the Property and in particular for the acquisition, improvement and maintenance of properties, services and facilities devoted to this purpose and related to the use and enjoyment of the Designated Maintenance Items, Common Areas, Common Open Space, Common Area Access Easements, and Landscape and Easement Areas, including but not limited to, the cost of repair, replacement and additions thereto, the cost of labor, equipment, materials, management and supervision thereof, the payment of taxes assessed against any such property, the procurement and maintenance of insurance in accordance with the Bylaws of the Association, the employment of attorneys to represent the Association when necessary, payments of principal and interest on funds borrowed for Association purposes and such other needs as may arise. (See the POA covenants to read the rest of this section.)
Source: POA Covenants, p 10.