Whale,
Thanks for providing a different perspective on this question.
Most SMs go by two inviolate (according to them) commandments:
1) A deficit must be corrected by the imposition of a Special Levy to be paid within 3 months.
2) All Special Levies must be paid into the Admin Fund.
Having re-read those sections of the Act at your instigation, I agree your interpretation is valid, if that is what your OC chooses to do.
IMHO:
S76(4) specifies the only case where the OC must impose a Special Levy, and then it must be paid into the Admin Fund.
That does not preclude an OC resolving to collect a Special Levy for other reasons (such as filling an Admin Fund deficit even though your total funds are adequate to cover cash flow) or to collect a Special Levy to be paid into the Sinking Fund (to cover an upcoming, but not yet incurred, large expense).
I agree with you that S71(3) really only says you have to make a determination how the OC will address the deficit, and that does not preclude that determination being, for instance, that from the next AGM the normal Admin Fund Levy will be temporarily increased by $20,000 per year for the following two years.