(1) Timely funding. Reserves included in the adopted budget shall be considered common expenses and must be fully funded. Reserves shall be funded in the amounts stated in the adopted budget within 30 calendar days from the date the assessments are collected and not later than 180 days from the date such assessments are due. This rule shall not preclude the managing entity from fully funding the reserves prior to receiving all of the assessments due from purchasers.
    (2) Reserve restrictions for timeshare plans. Neither reserve funds nor any interest earned on reserve funds shall be used for the payment of operating expenses unless approved in advance by a majority of the purchasers. Interest earned on reserve funds shall be allocated to the individual reserve category balances by the managing entity. Reserve funds and interest earned on reserve funds may be reallocated between the reserve categories by the board of administration at a duly called meeting of the board, by amending the current budget or through the next annual budgeting process.
Specific Authority 721.03(2), 721.26(6) FS. Law Implemented 721.03(3), 721.07(5)(u), 721.13(3)(c)2. FS. History-New 2-5-96.