Nev. Admin. Code § 116B.100

Current through June 11, 2024

Section 116B.100 - Assessments for common expenses and shared expenses: "Adequate reserves" interpreted

For purposes of NRS 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.

Nev. Admin. Code § 116B.100

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

NRS 116B.590, 116B.595, 116B.805