conformance with the increase, if any, of the Consumer Price Index (All Items Index) for the Washington, D.C., standard metropolitan area (published by the Department of Labor, Washington D.C.) or any successor Index thereto for the year ending the preceding July 1 or twenty percent (20%), whichever is greater; and,
(b) From and after January 1, 1996, the maximum annual assessment may be increased annually above that established by subparagraph (a), provided that any such change shall have the assent by a vote of more than two-thirds (⅔) of each class of members who are voting in person or by proxy, at a meeting duly called for this purpose; and,
After consideration of current maintenance costs and further needs of the Association, the Board of Directors may fix the annual assessment at an amount not in excess of the maximum.
The annual assessment for each Lot shall be established by the Board of Directors for each year at a duly called meeting of the Board of Directors by November 30th of each calendar year. Such assessment may be payable in periodic payments on such date or dates as may be established by the Board of Directors. Written notice of the annual assessment shall be sent to every Owner subject thereto. The Association shall, upon receipt of payment for the cost of preparation thereof, furnish an association disclosure packet pursuant to the Property Owners' Association Act, Section 55-508, et seq., of the 1950 Code of Virginia, as amended.
Section 5. Special Assessments for Capital Improvements.
In addition to the annual assessments authorized above, the Association may levy in any assessment year after the 1995 calendar year, special assessments applicable to that year only, for the purpose of defraying, in whole or in part, the cost of any construction or reconstruction, maintenance, improvement, painting, additional required structures, unexpected repair or replacement of the Common Area, Trail Facilities, or other property for which the Association is responsible, in whole or in part, including the necessary fixtures and personal property
