Per the request of some Association members, the Board requested a legal opinion in reference to the 2003 Amendment to the Indenture. It is the attorney's opinion that,
"the plain language of the Amendment grants the Directors the authority to assess an annual assessment at an amount at or below the stated maximum of $300.00. If the Directors intend to increase the assessment above the maximum, they may only do so by either one of the two authorized means, i.e. five percent (5%) over the previous year’s assessment or in accordance with the increase in the Consumer Price Index, or by the third means to raise the assessments, which requires approval of a majority of the Directors and assent of a majority of the Class “A” Members."
This increase will ensure that the Association does not continue to operate at a deficit.
Annual assessment notices are scheduled to be delivered by December 31. Please note, the assessment for 2018 is $300 and is due on February 28.
The Amendment to Indenture of Trust and Restrictions for Stonecroft (April 21, 2003), authorizes a maximum annual assessment of $300 per lot.