Typically an amount of money held in a separate fund to deal with repair or replacement of common property. Can be termed, Capital Replacement Reserve Fund.
A fund (funded from securities proceeds, pledged revenues, or otherwise) usually held by the Trustee under the Indenture, and maintained in a stated or determinable amount sufficient to cover some unusual operation or maintenance expense or some interruption of Pledged Revenues. See Debt Service Reserve Fund.
A fund voted by the Annual Town Meeting and controlled by the Finance Committee for extraordinary and unforeseen expenditures incurred by Town departments during the year.
The reserve fund is established at each annual town meeting to cover extraordinary or unforeseen expenses during the fiscal year. Transfers from this fund may be authorized by the Finance Committee without a town meeting vote.
Amount transferred from Overlay Surplus and/or appropriated for unforeseen or emergency purposes controlled exclusively the Finance Committee.
Fund held by issuer or designated trustee for a portion of proceeds as required by law and the bond resolution. May not exceed 10% of the net proceeds of the bonds. Often is required on revenue bonds to maintain reasonably required reserve in the event of a shortfall in revenues to pay debt service.
Money collected from Flat Owners over a period of time to provide for funds needed for future Major Works.
an account maintained to provide funds for anticipated expenditures required to maintain a building. A reserve may be required by a lender in the form of an escrow to pay upcoming taxes and insurance costs. A replacement reserve may be maintained to provide for replacement cost of short-lived components, such as carpets, heating equipment or roofing. Deposit of money into such a fund does not achieve a tax deduction.
A common fund into which all owners of units in a condominium property pay a regular fee for the maintenance of common elements.
A fund in which moneys are placed in reserve to be used to pay debt service if pledged revenues are insufficient to satisfy the debt service requirements. The debt service reserve fund may be entirely funded with bond proceeds at the time of issuance, may be funded over time through the accumulation of pledged revenues, or may be funded only upon the occurrence of a specified event ( e.g., upon failure to comply with a covenant in the bond contract). In addition, issuers may sometimes authorize the provision of a surety bond or letter of credit to satisfy the debt service reserve fund requirement in lieu of cash. If the debt service reserve fund is used in whole or part to pay debt service, the issuer usually is required to replenish the fund from the first available revenues. See: DEBT SERVICE RESERVE FUND REQUIREMENT.
An account reserved to provide funds for future expenses in order to maintain the cooperative or condominium building.
A fund set up by the corporation for major repair and replacement of common elements and assets of the corporation. It is maintained through the collection of money from unit owners by way of the maintenance fees. Any shortfalls in the reserve is the responsibility of the declarant prior to registration, and the responsibility of the corporation after.
A pool of money held for use for future contingencies, usually in the management of a building, condominium corporation or cooperative unit.
Each cooperative and condominium maintains a reserve fund. The objective of the board of directors or the board of managers is to grow this reserve fund so that the building has the ability to pay for the monthly expenses involved in the upkeep of the building as well as for those expenses that are out of the ordinary. Many buyers of cooperatives will not buy a cooperative apartment without a sufficient reserve fund.
This amount is set aside by the homeowner on a regular basis so that funds are available for emergency or major repairs. Setting aside 5% of your monthly take-home pay will give you a well-funded reserve.
All homeowners associations set aside a certain amount of money for major repairs or improvements.
A fund required to be set aside by the Condominium Corporation to cover the major repair and replacement of the common elements and assets of the condominium.
A fund set up by a condominium corporation for major repairs and replacement of such items as the roof, elevators, plumbing, heating systems, etc. All condo corporations, by law, require a reserve fund.
Each co-operative and condominium maintains a reserve fund. The objective of the board of directors or the board of managers is to grow this reserve fund so that the building has the ability to pay for the monthly expenses involved in the upkeep of the building as well as for those expenses that are out of the ordinary (such as elevator, repairs, roof repairs, new boilers, etc.).
The portion of a condominium maintenance fee that is set aside to cover major repair and replacement costs. A - B | C - D | E - K | L - N | O - R | S - Z
Funds that are set aside or reserved by a home owner's association or condo board for major repairs and improvements to common areas.
Account containing money that is set aside to provide funds for anticipated costs needed to maintain a building. Homeowner's association money saved for improvements or repairs.
Monies set aside as a cushion of capital for future payment of items such as taxes, insurance, furniture replacement, deferred maintenance, etc.; sometimes referred to as an impound account.
Money that a homeowners or condominium association sets aside for major repairs and capital improvements.
Money set aside by a homeowners' association for major repairs or improvements.