Here is a quote taken from the Operations Committee and From the Great Ones Blog. Posted by Petey Boy
FS 718 requires that adequacy of reserves be reviewed and maintained.
Now we are being told that a mistake has been made, again, that FS 718 applies to Condos of which UCO is not. So this means UCO falls under FS 617, which has no provisions for Reserves. Of course planning to stay ahead of disasters, ahead of trouble is always good management practices and therefore a Reserve should be maintained at all times. The smart ones say we don't have to! Arrrgh!!
This is a State Law
Has the lack of reserves being review and maintained, and being admitted to, risen to the point that the State Police should be called in to arrest these Bums!
Are we at Recall yet?
There's something wrong here. Florida Statutes 718 do not apply to UCO because UCO is not a Condominium Association. UCO is bound by FS 617. Nobody picked this up because the "Great One" didn't want to admit the error existed. This is typical of his character. EDUARDO
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