Page 86 - VCC 2022 Capital Plan New Binded

mortgages/Deeds to Secure Debt, this amendment and surcharge authorized hereunder shall expire
and be rendered invalid, ineffective, and no longer authorized. (By Amendment at Annual
Membership Meeting, February, 2008).The Board of Governors shall set, on an annual basis, in
addition to amounts needed as dues to operate the Club, a monthly amount to be levied on each
member as Capital Dues. Such dues shall be accounted for separately and shall be maintained in a
separate account of the Club. Such funds, unless approved by the Membership, shall only be used
for repair, replacement, and maintenance of existing capital assets as well as any capital project
approved by the Board or Membership as required by these By Laws. The Board shall set and
present to the Membership at the Annual Meeting a Capital Budget for the ensuing twelve month
period. Any items therein with expenditures exceeding $150,000 shall be approved by the
Membership.

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