HAR §16-119.6-12. replacement reserve requirements of $300,000)

Therefore, the association must collect at least $100,000 by the end of 2020 to reach the minimum replacement reserve of $150,000 (plus whatever funds the reserve study indicates is necessary for other assets). To reduce the hardship, the board can fund the expenses for the roof by borrowing or by special assessments. Even if the association has designated a specific fund in its replacement reserve account for the asset, the board may also transfer the money in that fund to other designated funds. Essentially, this section permits the board to use cash on hand, special assessments, borrowing, or any combination of the three to replace the roof and reduce the hardship on the unit owners. [Eff MAR 26 2026 ] (Auth: HRS §§514B-61, 514B-148) (Imp: HRS §514B-148)