Time frame for Paying Special Levies ?

Hi All

The unit block I live in [ NSW] has water penetration issues. There is 36 units in our unit block. We have a consultant report on the water penetration issues and a ball park figure fix the issues of around $5.5M with repairs being completed in 2 stages with essential works to be completed in stage 1

Stage 1 :  $3m – with funds suggested to be needed as follows:

$300k [10%] by April 2024 for Specification and planning
$1.5m [50%] for January 2025 – Proof of funds to commence construction in Jan 2025,
$1.2M [40%] before June 2026 – funds estimated to completion.

Stage 2 : $2.5m – with funds suggested to be collected from 1.5 years time / August 2025 onwards [after stage 1 funding is completed/collected], collection over 2.5 years to Jan 2028, stage 2 works would probably start in Jul 2026 onwards finishing in Jul 2028

It has been suggested Stage 1: $3M should be raised in a special levies over the next 6 quarters/ 18 months, [starting in Feb 2024 to Jul 2025]  with the suggested timeline of construction above in stage 1,

Not all owners will  have the funds [$83k ave each – $3M stage 1 total]  readily available and will have borrow the funds needed for the special levies or if retired do a reverse mortgage etc., and the owners who borrow won’t be happy to pay the special levies in advance before the funds are actually needed, [paying interest earlier than needed on funds borrowed]

Is there legal requirement to have 60% of funds collected before construction to starts in January 2025 & all funds collected by Jul 2025 with 11 months of works still to be completed  ?

2.  Can the special levy stage 1 be collected over a longer time frame [ ie more than 6 quarters] ?

3. if not, can the normal quarterly capital levies be increased to match the timetable in stage 1 & 2 with construction finishing in Jul 2028 and adjusted as needed  ? [our AGM is in Feb 2024]

Thanks in advance