Meeting Called to Expend Monies

Our board informed us that we are having a "cash flow" issue and want to pay bills, such as snow plowing in the following ways

take from Reserves
take 1/2 from Reserves and increase our monthly maintenance fee
impose a special assessment of approximatley 400.00 per unit.

Our CCRs read that if the Executive Board wish to expend or borrow monies or incur expenses in an amount greater than 5% of the
aggregate of all budgeted expense for the fiscal year, such expenditures must have the prior approval of two thirds of all Unit
Owners, at either a regular meeting or a meeting called for such purpose.

My question is: Will a special meeting need to be convened so the owners in the development can vote on this issue even though we are under declarant control?. The declarant owns 9 of 28 homes. There are 14 unsold lots, however, are they considered units since there are no townhomes built on them and the declarant is not paying maintenance fees on unsold lots? Will the declarant be able to vote on the unsold lots as well as the units he owns?

Maureen,

I think we've discussed this before -- while the developer is in control he has the authority to do as he pleases mainly because he controls the votes of the board members. If I recall correctly, you and one other homeowner are members of the BOD. That leaves the developer and 2 others as the majority votes for BOD matters. The other 2 directors are most likely friends, associates or employees of the developer and will vote as he wishes them to vote. Although you and your fellow member can argue your position, I doubt it would do much good if the developer is adamant about his position. Just get used to the fact that as long as he is in control things will be done his way.