Considerations in setting the Housing Charge. In setting the monthly Housing Charge payable hereunder, the Directors shall take into account the amount of money which, in the opinion of the Directors, shall be required by the Co-op during each fiscal year for: [a] the maintenance of the corporate existence of the Co-op; [b] the carrying charges on the Lands and the Development, including taxes, and the sums in lieu of taxes; [c] licenses, assessments, insurance, repairs, replacements, upkeep, maintenance and operations; [d] adequate contributions to a capital replacement reserve fund and to any other reserve funds established by the Co-op; [e] all other fees, costs and expenses incurred in the management of the Lands and the Development; [f] the amount, if any, as may be required to meet any deficit in the preceding fiscal year; and [g] any other amounts reasonably required to accomplish the purposes for which the Co-op was incorporated. In carrying out their responsibilities to set the monthly Housing Charge, the Directors shall have regard for any relevant obligation imposed by statute or contract. Our Co-op’s Choice: Model ☐ Option ☐ 5 Payment of Utilities
Considerations in setting the Housing Charge. In recommending to the members the monthly Housing Charge payable hereunder, the Directors shall take into account the amount of money which, in the opinion of the Directors, shall be required by the Co-op during each fiscal year for: [a] the maintenance of the corporate existence of the Co-op; [b] the carrying charges on the Lands and the Development, including taxes, and the sums in lieu of taxes; [c] licenses, assessments, insurance, repairs, replacements, upkeep, maintenance and operations; [d] adequate contributions to a capital replacement reserve fund and to any other reserve funds established by the Co-op; [e] all other fees, costs and expenses incurred in the management of the Lands and the Development; [f] the amount, if any, as may be required to meet any deficit in the preceding fiscal year; and [g] any other amounts reasonably required to accomplish the purposes for which the Co-op was incorporated. Notwithstanding the above, if the Co-op is bound by statute or contract to set or maintain the monthly Housing Charge at a specified level or amount, the Directors, not the members, shall set the monthly Housing Charge payable hereunder by taking those obligations at law or contract into consideration.
Considerations in setting the Housing Charge. In setting the monthly Housing Charge payable hereunder, the Directors shall take into account the amount of money which, in the opinion of the Directors, shall be required by the Co‑op during each fiscal year for: the maintenance of the corporate existence of the Co‑op; the carrying charges on the Lands and the Development, including taxes, and the sums in lieu of taxes; licenses, assessments, insurance, repairs, replacements, upkeep, maintenance and operations; adequate contributions to a capital replacement reserve fund and to any other reserve funds established by the Co‑op; all other fees, costs and expenses incurred in the management of the Lands and the Development; the amount, if any, as may be required to meet any deficit in the preceding fiscal year; and any other amounts reasonably required to accomplish the purposes for which the Co-op was incorporated. In carrying out their responsibilities to set the monthly Housing Charge, the Directors shall have regard for any relevant obligation imposed by statute or contract. Our Co-op’s Choice: Model ☐ Option ☐ 5 Payment of Utilities
