NAC116B.100. Assessments for common expenses and shared expenses: “Adequate reserves” interpreted.

For purposes of NRS 116B.590 and 116B.595, “adequate reserves” means the funds sufficient to maintain the common elements and shared components:

     1. At the level described in the governing documents and in a reserve study; and

     2. Without using the funds from the operating budget or without special assessments, except for occurrences that are a result of unforeseen catastrophic events.

     (Added to NAC by Comm’n for Common-Interest Communities & Condo. Hotels by R186-07, eff. 5-5-2011)