Cohousing-L Mailing List: Re: Borrowing against reserves? Was Re: [C-L]_Re: Annual Budget Party Idea

[pattymara (pattymara]

The reserves are required by law, for scheduled maintenance, like roof
replacement, painting etc.  


On Sat, 03 Nov 2001 14:30:46 -0500 Mabel Liang <mabel [at] twomeeps.com>
writes:
> Excuse me, but WHAT is required by law in California?  I can't 
> imagine that
> anyone is forcing you to borrow money.
> 
> Thanks!
> 
>                                               -- Mabel :-)
> 
> Mabel Liang
> Cornerstone Village Cohousing
> www.cscoho.org
> North Cambridge, MA
> 
> Occupancy starts later this month!  Two townhouses left!
> mabel [at] twomeeps.com
> 
> At 07:07 AM 11/3/01 -0800, pattymara [at] juno.com wrote:
> >Diane and list,
> >Thanks so much for digging this one out.  At Tierra Nueva (cen. CA 
> coast)
> >we have been letting the finance team create the first three years 
> of
> >operating budgets.  I personally think it is time for the rest of 
> us to
> >get involved in the process, since we have a big capital expense 
> looming
> >on the horizon.  We are digging our own well for orchard 
> irrigation. 
> >This year will be the first year that we may be borrowing against 
> the
> >reserves (required by law in California) to fund the well digging.  
> 
> >
> 
> <snip>
> 
> Mabel Liang
> mabel [at] twomeeps.com
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Tierra Nueva Cohousing, Central CA Coast

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