{"data":{"id":"us-vt/27a-v.s.a.-3-123","jurisdiction":"us-vt","citation":"27A V.S.A. § 3-123","heading":"Adoption of budgets; special assessments","body":"(a) The executive board, at least annually, shall adopt a proposed budget for the common interest community for consideration by the unit owners. Not later than 30 days after adoption of a proposed budget, the executive board 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 a majority 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 unit owners ratify a subsequent budget.\n(b) The executive board, at any time, may propose a special assessment. Except as otherwise provided in subsection (c) of this section, the assessment is effective only if the executive board follows the procedures for ratification of a budget described in subsection (a) and the unit owners do not reject the proposed assessment.\n(c) If the executive board determines by a two-thirds vote that a special assessment is necessary to respond to an emergency:\n(1) the special assessment becomes effective immediately in accordance with the terms of the vote;\n(2) notice of the emergency assessment must be provided promptly to all unit owners; and\n(3) the executive board may spend the funds paid on account of the emergency assessment only for the purposes described in the vote.","path":["Title 27A: Uniform Common Interest Ownership Act (1994)","Article 003: Management of the Common Interest Community"],"source_url":"https://legislature.vermont.gov/statutes/fullchapter/27A/003","current_through":"2025 session","vintage":"","retrieved_at":"2026-09-05T17:17:08Z","sha256":"09d744e7f3f1d63bd100d026a79fccd563d4a14f0dd4115716886d91300af5c1","source_id":"us-vt","stale":false,"prev":"us-vt/27a-v.s.a.-3-122","next":"us-vt/27a-v.s.a.-3-124"},"notice":"GroundRules: Original legal text. Not legal advice."}