(1) The board of directors at least annually shall adopt a budget for the planned community.

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(2) The budget shall include moneys to be allocated to the reserve account under ORS § 94.595.

(3) Within 30 days after adopting the annual budget for the planned community, the board of directors shall provide a summary of the budget to all owners.

(4) If the board fails to adopt a budget, the last adopted annual budget shall continue in effect. [1981 c.782 § 39; 1999 c.677 § 16; 2007 c.409 § 8a]