Substitute House Bill No. 5274 - Summary

• Annual meeting date changed from fixed first Saturday of June to a date determined by simple majority vote of board members at the May board meeting, with the requirement that it must occur by the second Saturday of June.

• Quorum requirement for regular and special meetings reduced from twelve members to five members, except that establishing the next annual meeting date requires only attending board members regardless of quorum.

• Notice requirements for meetings increased from five days to ten days for both mail and personal delivery.

• Contract expenditure threshold requiring association vote approval increased from one thousand dollars to five thousand dollars, and aggregate annual contract/obligation limit increased from two thousand dollars to ten thousand dollars.

• Assessment and tax procedures streamlined, including removal of outdated assessment list preparation requirements and modification of interest rates on delinquent taxes to use Connecticut statutory rates rather than fixed nine percent.