Section 116B.100 - Assessments for common expenses and shared expenses: "Adequate reserves" interpretedFor purposes of NRS 116B.590 and 116B.595, "adequate reserves" means the funds sufficient to maintain the common elements and shared components:
1. At the level described in the governing documents and in a reserve study; and2. Without using the funds from the operating budget or without special assessments, except for occurrences that are a result of unforeseen catastrophic events.Nev. Admin. Code § 116B.100
Added to NAC by Comm'n for Common-Interest Communities & Condo. Hotels by R186-07, eff. 5-5-2011NRS 116B.590, 116B.595, 116B.805