Street and Common Area Maintenance Reserve Fund
STREET AND C OMMON AREA MAINTENANCE RESERVE FUND
6.01 Reserve Fund. The Association will establish a separate account named the Street and Common Area Maintenance Reserve Fund (the "Reserve Fund"), which will not be commingled with any other property or account of the Association.
6.02 Use of Reserve Fund. The Reserve Fund is established for the maintenance, repair, and reconstruction of private streets, access controlled structures and equipment, and common areas and facilities of the Subdivision.
6.03 Fees Payable to Reserve Fund. Each Member will be assessed an annual Reserve Fund fee by the Association. The Reserve Fund fee will be no less than $1.00 per each front foot of each Lot owned by the Member in the Subdivision. On the fifth anniversary of its creation, the accumulated balance ofthe Reserve Fund may not be less than $5.00 per front foot of each Lot in the Subdivision. The formula used to determine the annual Reserve Fund fee may be reviewed and amended by the Board of Directors of the Association as needed, upon the approval of the City of Benbrook.
6.04 Statement of Fund Balance. Upon the request of the City of Benbrook, the Association will provide the City an audited statement of the Reserve Fund balance.