RCW 64.90.540
Reserve account—Withdrawals.
(1) The board may withdraw funds from the association's reserve account to pay for unforeseen or unbudgeted costs that are unrelated to replacement costs of the reserve components. Any such withdrawal must be recorded in the minute books of the association. The board must give notice of any such withdrawal to each unit owner and adopt a repayment schedule not to exceed twenty-four months unless the board determines that repayment within twenty-four months would impose an unreasonable burden on the unit owners. The board must provide to unit owners along with the annual budget adopted in accordance with RCW 64.90.525 (a) notice of any such withdrawal, (b) a statement of the current deficiency in reserve funding expressed on a per unit basis, and (c) the repayment plan.
(2) The board may withdraw funds from the reserve account without satisfying the notification of repayment requirements under this section to pay for replacement costs of reserve components not included in the reserve study.
[ 2018 c 277 § 329.]
Structure Revised Code of Washington
Title 64 - Real Property and Conveyances
Chapter 64.90 - Washington Uniform Common Interest Ownership Act.
64.90.015 - No variation by agreement.
64.90.020 - Separate titles and taxation.
64.90.025 - Applicability of local ordinances, regulations, and building codes.
64.90.035 - Supplemental general principles of law applicable.
64.90.040 - Construction against implicit repeal.
64.90.045 - Application—Construction.
64.90.050 - Unconscionable agreement or term of contract.
64.90.055 - Obligation of good faith.
64.90.065 - Adjustment of dollar amounts.
64.90.070 - Electronic signatures in global and national commerce act.
64.90.075 - Common interest communities, new.
64.90.080 - Common interest communities, preexisting.
64.90.085 - Common interest communities, amendments to.
64.90.090 - Prior condominium statutes.
64.90.095 - Election of preexisting common interest communities.
64.90.100 - Common interest communities, nonresidential and mixed-use.
64.90.105 - Common interest communities, out-of-state.
64.90.110 - Exempt real estate arrangements.
64.90.115 - Other exempt covenants.
64.90.200 - Common interest communities, creation of.
64.90.205 - Reservation of name.
64.90.215 - Construction and validity of governing documents.
64.90.220 - Description of units.
64.90.225 - Declaration—Contents.
64.90.230 - Leasehold common interest communities.
64.90.235 - Allocated interests.
64.90.240 - Limited common elements.
64.90.245 - Maps—Exception—Amendments—Requirements—Recording.
64.90.250 - Development rights.
64.90.255 - Common elements and units—Alterations.
64.90.260 - Unit boundaries—Relocation.
64.90.265 - Subdivision and combination of units.
64.90.270 - Monuments as boundaries.
64.90.285 - Amendment of declaration.
64.90.295 - Rights of secured lenders.
64.90.300 - Master association.
64.90.305 - Delegation of power to subassociations.
64.90.310 - Merger or consolidation.
64.90.315 - Addition of unspecified real estate.
64.90.320 - Large scale communities.
64.90.325 - Judicial termination.
64.90.400 - Unit owners association—Organization.
64.90.405 - Powers and duties.
64.90.410 - Board members, officers, and committees.
64.90.415 - Period of declarant control—Transition.
64.90.420 - Transfer of association property.
64.90.425 - Transfer of special declarant rights.
64.90.430 - Contracts and leases—Termination.
64.90.435 - Organizational documents.
64.90.440 - Maintenance, repair, replacement—Liability of unit owner—Inspection.
64.90.455 - Unit owner voting.
64.90.460 - Liability—Tolling.
64.90.465 - Conveyance or encumbrance of common elements.
64.90.475 - Accounts and records—Reconciliation.
64.90.480 - Assessments and capital contributions.
64.90.485 - Liens—Enforcement—Notice of delinquency.
64.90.495 - Association records.
64.90.500 - Association as trustee.
64.90.513 - Electric vehicle charging stations.
64.90.520 - Officers and board members—Removal.
64.90.525 - Budgets—Assessments—Special assessments.
64.90.530 - Financial statements—Association funds.
64.90.540 - Reserve account—Withdrawals.
64.90.550 - Reserve study—Contents.
64.90.555 - Reserve study—Demand—Enforcement.
64.90.560 - Reserve account—Reserve study—Reserve disclosure—Liability.
64.90.600 - Applicability—Waiver.
64.90.605 - Public offering statement—Liability.
64.90.610 - Public offering statement—General provisions—Notice.
64.90.615 - Public offering statement—Common interest communities subject to development rights.
64.90.620 - Public offering statement—Conversion buildings.
64.90.625 - Public offering statement—Disclosure document.
64.90.630 - Public offering statement—Contract of sale—Conveyance restriction.
64.90.635 - Purchaser's right to cancel.
64.90.640 - Unit resales—Resale certificate.
64.90.655 - Conversion buildings—Tenant rights—City and county requirements—Violations.
64.90.660 - Conversion buildings—Common interest community units—Report.
64.90.665 - Express warranties.
64.90.670 - Implied warranties of quality.
64.90.675 - Implied warranties of quality—Exclusion or modification.
64.90.680 - Warranties of quality—Breach—Actions for construction defect claims.
64.90.690 - Promotional material—Labeling requirement.
64.90.695 - Improvements—Duties of declarant.