(1) Unless otherwise provided in the declaration or bylaws, an association, through its board, shall:
(a) Annually adopt and amend a budget for revenues and expenditures. The budget may include reserves to fund the future repair and replacement of capital goods in the normal course of operations; and
(b) Collect assessments for common expenses from the owners in accordance with KRS § 381.797.
(2) Unless provided otherwise in the declaration, an association formed after June 29,
2023, shall obtain and maintain insurance coverage no later than the first conveyance of a lot as follows:
(a) Property insurance on the common areas insured for replacement cost; (b) Liability insurance for the common areas; and
(c) Other insurance as required by the declaration or bylaws. (3) An association shall keep:
(a) A complete set of financial records in accordance with KRS § 381.794;
(b) Records showing the payment for common expenses and other charges received from the owners;
(c) Records detailing and supporting the payment for common expenses and other charges paid to contractors, suppliers, and service providers;
(d) Meeting minutes for the association and the board; and
(e) Records of the names and mailing addresses of the owners. The owners shall maintain their current mailing address and contact information with the secretary of the association.
Effective: June 29, 2023
History: Created 2023 Ky. Acts ch. 23, sec. 6, effective June 29, 2023.