WHEREAS, the amount of $ __________ was transferred from the reserve fund to the general operating account on_______________, _______________, pursuant to a Resolution of the board.

WHEREAS, the Resolution, in accordance with the California Civil Code requires that the transfered funds are to be restored within one (1) year of the date of the transfer,

WHEREAS, the California Civil Code provides that the board may delay restoration of the reserve funds on making a finding, supported by documentation, that a temporary delay would be in the best interests of the association; and

WHEREAS, based upon attached documents, the board has determined that a temporary delay in restoring the reserve funds until ____________, ______________ is necessary and in the best interests of the association;

BE IT RESOLVED that at a noticed meeting of the board of directors of the ______________ Association, held on ___________, _______________, the board voted that restoration of the reserve funds transferred to the general shall be temporarily delayed operating account on ________________, _______________ shall be temporarily delayed until ________________, _______________.

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Director

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Director

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Director