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This plan was explained at the AGM and all were agreed except two owners, one of whom is questioning the legality of this plan. We can‘t find in the Condominium Dear Condo Fax: Our corporation has established a reserve fund to cover the building‘s plumbâ€" ing problems. A self insurance plan, if you like. ' Any problem to the original standard plumbing and fixtures will be fixed by our plumber and paid out of this "plumbing reserve." This does not cover abuse to the plumbing fixtures. We have also included repair and replacement of the hot water heaters under this reserve. Some of the reasons for establishing this reserve are to help cut down the water and sewer charges due to leaking faucets, reduce the chance of water damage due to improper repair of the plumbing system by the unit Corporation establishes reserve fund PROPERTY â€" DOWNTOWN OAKVILLE Wailk or boat to shops harbour! Docking faciliâ€" ties boathouse, 3 bdrm. ranch bungalow with walkâ€"out basement, open concept kitchen family rm., formal DR/LR with fireplace. $417,000. YVONNE LITTLE 338â€"9000. Panoramic views of Toronto Burlington skylines from this ranch bungalow with walkâ€"out lower level, many recent updates, 1/3 acre property with riparian rights, armourstone seawaill and boathouse. $845,000. YVONNE LITTLE 338â€"9000. THIS IS A STEAL! RAVINE LOT INGROUND POOL!! Beaqutifully renâ€" ovated 2â€"sty., 4â€"bdrm. home, custom oak kitchen, all new baths, jacuzzi ensuite, new furâ€" nace, roof reshingled, central air, thousands in upgrades!! Only $239,900. YVONNE LITTLE Estate, private, mature property with inground concrete pool buiilt into the water‘s edge, cusâ€" tom built biâ€"level home offers panoramic views from all principal rooms. Asking $1,400,000. For details or appt. to view pls. call YVONNE LITTLE 338â€"9000. Section 36(1) of the Condominium Act defines the reserve fund as "a fund set up by the corporation in a special account for major repair and replacement of common elements and assets of the corporation. This can include such items as roofs, building exteriors, roads, sewers, heating electrical and plumbing systems, etc. Can the corporation establish a special "reserve" for this purpose? We also have a question about the renting of our meeting room. The residents are reserving this room for parties, etc. What are the responsibiliâ€" ties and liabilities? What is required if wine and/or alcohol is served at these functions? â€" Board secretary Dear Bothered: Section 36(2) requires the corporation to establish and maintain one or more funds and to collect from the owners, as part of Act whether this can or cannot be done Member of Oabkville, Milton,Toronto Burlington R. E. Boards Detached bungalow with income producing basement apartment, private lot, two driveâ€" ways, in walking distance to harbour, shops downtown Oakville!! C3R zoning. Suitable for business or residential use. Only $159,900. YVONNE LITTLE 338â€"2000. Fabulous "Treetops" ravine property, beautifully upgraded in neutral tones, 3 bdrms., 3 baths, fireplace, 3 walkâ€"outs, sep. dining room, eatâ€"in kitchen plus roof garden!! Only $189,000. YVONNE LITTLE 338â€"92000. 3â€"bdrm. detached brick bungalow, knotty pine, eatâ€"in kitchen, fireplace in LR, inâ€"law suite baseâ€" ment, all on a lovely mature fenced lot! Only $142,000. YVONNE LITTLE 338â€"9000. REMIB@/stzwne 67 Lakeshore Rd. W LITTLE Assoc. Broker their contribution, towards common expense amounts that, calculated upon the basis of expected repair and replacement costs and life expectancy of things compilâ€" ing the common elements and assets of the corporation. MINIUM LAW AND ADMINISTRAâ€" TION, says that any fund which is created to retain funds for repair or replacement of capital equipment, no matter who it is desâ€" ignated by the corporation, constitutes a Reserve Fund under the Act and will be subject to the use restrictions set out in Section 36(5) i.e. (the money that is put into a reserve fund can‘t be used for anyâ€" thing else). The corporation cannot pass a byâ€"law which authorizes the corporation to This, as you know, must amount to at least a minimum amount that comes to 10 per cent of the total common expenses for the year. Audrey Loeb, in her book CONDOâ€" use reserve fund monies to cover budget deficits. As far as your question about the use your meeting room for parties, there is nothing that I know of that would prevent you from asking a reasonable fee to cover wear and tear and the use of utilities. Just be sure that your corporation insurance would cover any damages and possible claims for accidents or other personal covâ€" erage in the event of an accident, but to be absolutely certain, you should consult your corporation lawyer. l need new listings in the Lighthouse for interested buyers. ‘Call The Lighthouse expert for info. 7 « * 4 « . BETTY PHILLIPS® (905)‘847â€"3030/PAGER > Ms. Loeb goes on to say. "Although the total amount required in the reserve fund must be calculated by adding together the proposed amounts required to restore or replace those items governed by the reserve fund, the bookkeeping entries per se should not prevent the corporation from using monies ‘allocated" to one item for repair of another." Condo Fax welcomes your questions about condominiums and can be reached through this newspaper or by calling the Golden Horseshoe Chapter of the Canadian Condominium Institute at (905)â€"521â€"8144. H. Penman Smith, a Burlington resiâ€" dent, is viceâ€"president of the Golden Horseshoe Chapter, and former Condominium Information Officer with the Ontario Ministry of Consumer and Commercial Relations. The opinions stated in this column are his own. He is not qualiâ€" fied to give legal opinions. Since these calculations. by their very nature, cannot be exact, it is reasonable that the amounts allocated for each reserve fund expenditure be interchangeable as long as they are held in a reserve fund account. As to the question of the wine and/or liquor use. I believe there is no problem unless you are running a cash bar, then you would likely have to apply to the Liquor Control Board for a permit. Check with your lawyer about his matter. LAKE VIEWS â€" STONEY CREEK Almost 1,400 sq. ft. of updated |iving space in move in condition. Ceramics, appliances, 2 balconies, eatâ€"in kitchen, 3 bedrooms. Asking only $119,500. Call for zour ersonal tour. _ MARILYN WYKES* 47â€"3030, 844â€"9859 from this charming home in downtown Oakville. From the updated kitchen to the fabulous master with cormer fireâ€" place, and jacuzzi bath, this home will appeal to the most discriminating buyer. Bonus â€" totally separate nanny/granny suite. Offered at only $399,000. Call now MARILYN WYKES* 847â€"3030, 844â€"9859 Expect the best* 2274 Lakeshore Rd. W. Oakville, Ontario (905)847â€"3030 PINNACLE REAL ESTATE