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Urgent major work is required that would normally be paid for by a special levy as there are insufficient funds in the capital works fund. We still have owners who have not yet paid for our last special levy so one of the committee members is proposing we accept a five year payment plan from the contractor and pay for the work by increasing the capital works levy to cover the future payment instalments. The likely levy increase would be $1000 to $2000 a year and would be more palatable than a sudden $5000 to $10000 special levy .
Is this legal? We are effectively moving an urgent CURRENT Capital works cost into a fund that normally provides for FUTURE capital works.
Is there anything in the NSW Strata Laws which says you cant do this?
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