Florida Senate - 2023                          SENATOR AMENDMENT
       Bill No. CS for CS for SB 154
       
       
       
       
       
       
                                Ì136522ÃÎ136522                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
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                  Floor: WD            .                                
             04/10/2023 03:42 PM       .                                
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       Senator Pizzo moved the following:
       
    1         Senate Amendment to Amendment (633626) (with title
    2  amendment)
    3  
    4         Delete line 21
    5  and insert:
    6         3.a. In lieu of the reserve accounts required by this
    7  paragraph, members of a unit-owner-controlled association may
    8  approve contingent special assessments against each unit to
    9  secure a line of credit for the association to provide available
   10  funding for deferred maintenance and replacement costs as
   11  needed. The line of credit and the contingent special
   12  assessments must be approved by a majority of the voting
   13  interests of the association. Upon approval by the members of
   14  the association and once a line of credit has been approved and
   15  made available to the board for the funding of the required
   16  deferred maintenance and replacement costs, the association must
   17  record a declaration of special assessments evidencing the levy
   18  of such special assessments in the public records.
   19         b. Funding from the line of credit must be immediately
   20  available for access by the board to fund maintenance and
   21  replacement costs that come due, without further approval by the
   22  members of the association. At the option of a unit owner, the
   23  special assessment may be paid in full at the time it becomes
   24  due or the payment may be amortized over a term of years as
   25  provided for by the line of credit. However, a unit owner must
   26  be able to pay the remaining balance of the special assessment
   27  at any time during the amortization period.
   28         4.3. Reserve funds and any interest accruing thereon shall
   29  
   30  ================= T I T L E  A M E N D M E N T ================
   31  And the title is amended as follows:
   32         Delete line 148
   33  and insert:
   34         milestone inspections; authorizing association members
   35         to approve certain special assessments and lines of
   36         credit for specified purposes; providing requirements
   37         for such special assessments and lines of credit;
   38         providing