BRUSSELS (Reuters) - The European Commission said on Tuesday it was extending deep into 2021 its more flexible approach towards state aid and recapitalisation to support companies struggling due to coronavirus restrictions.
As COVID-19 cases spike across Europe, the Commission, which coordinates competition policy in the 27-country European Union, said its 'Temporary Framework' allowing states to support businesses would be extended by six months until June 30, 2021.
The period for recapitalisation measures, currently allowed until June, would be prolonged by six months until September 30, 2021.
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The Commission adopted its flexible approach to state aid on March 19, as the coronavirus first swept through the continent, plunging it into a deep recession.
The approach is designed to allow more than normally permitted under state aid rules while not overly distorting competition.
Istatistica 1 1 1. Five types of aid have been allowed - direct grants of up to 800,000 euros ($943,200), guarantees for loans, subsidised public loans, safeguards for banks and short-term export credit insurance.
The Commission said on Tuesday it has also allowed EU members to support companies facing a decline in turnover of at least 30% relative to the same period of 2019. Countries would be allowed to contribute to fixed cost of up to 3 million euros.
The EU executive also said it was adapting the conditions for recapitalisation measures, notably for state's exit from recapitalisations where the state was already a shareholders. The state would be allowed to keep its previous holding, exiting the recapitalisation through an independent valuation.
Finally, the Commission will allow broader export credit coverage until the end of June.
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(1) The declarant, on behalf of a homeowners association, shall:
(a) Conduct an initial reserve study as described in subsection (3) of this section;
(b) Prepare an initial maintenance plan as described in subsection (4) of this section; and
(c) Establish a reserve account as provided in subsection (2) of this section.
(2)(a) A homeowners association shall establish a reserve account to fund major maintenance, repair or replacement of all items of common property which will normally require major maintenance, repair or replacement, in whole or in part, in more than one and less than 30 years, for exterior painting if the common property includes exterior painted surfaces, for other items, whether or not involving common property, if the association has responsibility to maintain the items and for other items required by the declaration or bylaws. The reserve account need not include reserves for those items:
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(A) That can reasonably be funded from the general budget or other funds or accounts of the association; or
(B) For which one or more, but less than all, owners are responsible for maintenance and replacement under the provisions of the declaration or bylaws.
(b) The reserve account shall be established in the name of the homeowners association. The association is responsible for administering the account and for making periodic payments into the account.
(c) The reserve portion of the initial assessment determined by the declarant shall be based on:
(A) The reserve study described in subsection (3) of this section; or
(B) Other reliable information.
(d) A reserve account established under this section must be funded by assessments against the individual lots for which the reserves are established.
(e) Unless the declaration provides otherwise, the assessments under this subsection begin accruing for all lots from the date the first lot is conveyed.
(3)(a) The board of directors of the association shall annually determine the reserve account requirements by conducting a reserve study or reviewing and updating an existing study using the following information:
(A) The starting balance of the reserve account for the current fiscal year;
(B) The estimated remaining useful life of each item for which reserves are or will be established, as of the date of the study or review;
(C) The estimated cost of maintenance and repair and replacement at the end of the useful life of each item for which reserves are or will be established;
(D) The rate of inflation during the current fiscal year; and
(E) Returns on any invested reserves or investments.
(b) Subject to subsection (8) of this section, after review of the reserve study or reserve study update, the board of directors may, without any action by owners:
(A) Adjust the amount of payments as indicated by the study or update; and
(B) Provide for other reserve items that the board of directors, in its discretion, may deem appropriate.
(c) The reserve study shall:
(A) Identify all items for which reserves are or will be established;
(B) Include the estimated remaining useful life of each item, as of the date of the reserve study; and
(C) Include for each item, as applicable, an estimated cost of maintenance and repair and replacement at the end of the item’s useful life.
(4)(a) The board of directors shall prepare a maintenance plan for the maintenance, repair and replacement of all property for which the association has maintenance, repair or replacement responsibility under the declaration or bylaws or ORS 94.550 (Definitions for ORS 94.550 to 94.783) to 94.783 (When certain administrative provisions apply). The maintenance plan shall:
(A) Describe the maintenance, repair and replacement to be conducted;
(B) Include a schedule for the maintenance, repair and replacement;
(C) Be appropriate for the size and complexity of the maintenance, repair and replacement responsibility of the association; and
(D) Address issues that include but are not limited to warranties and the useful life of the items for which the association has maintenance, repair and replacement responsibility.
(b) The board of directors shall review and update the maintenance plan described under this subsection as necessary.
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(5)(a) If the declaration or bylaws require a reserve account, the reserve study requirements of subsection (3) of this section and the maintenance plan requirements of subsection (4) of this section first apply to the association of a subdivision that meets the definition of a planned community under ORS 94.550 (Definitions for ORS 94.550 to 94.783) and is recorded prior to October 23, 1999, when:
(A) The board of directors adopts a resolution in compliance with the bylaws that applies the requirements of subsections (3) and (4) of this section to the association; or
(B) A petition signed by a majority of owners is submitted to the board of directors mandating that the requirements of subsections (3) and (4) of this section apply to the association.
(b) A reserve study and maintenance plan shall be completed within one year of adoption of the resolution or submission of the petition to the board of directors.
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(6)(a) Except as provided in paragraph (b) of this subsection, the reserve account may be used only for the purposes for which reserves have been established and is to be kept separate from other funds.
(b) After the individual lot owners have assumed responsibility for administration of the planned community under ORS 94.616 (Turnover meeting), if the board of directors has adopted a resolution, which may be an annual continuing resolution, authorizing the borrowing of funds:
(A) The board of directors may borrow funds from the reserve account to meet high seasonal demands on the regular operating funds or to meet unexpected increases in expenses.
(B) Not later than the adoption of the budget for the following year, the board of directors shall adopt by resolution a written payment plan providing for repayment of the borrowed funds within a reasonable period.
(7) The reserve account is subject to the requirements and restrictions of ORS 94.670 (Association duty to keep documents and records) and any additional restrictions or requirements imposed by the declaration, bylaws or rules of the homeowners association.
(8)(a) Except as provided under paragraph (b) of this subsection, unless the board of directors under subsection (3) of this section determines that the reserve account will be adequately funded for the following year, the board of directors or the owners may not vote to eliminate funding a reserve account required under this section or under the declaration or bylaws.
(b) Following the turnover meeting described in ORS 94.609 (Notice of meeting to turn over administrative responsibility), on an annual basis, the board of directors, with the approval of all owners, may elect not to fund the reserve account for the following year.
(9) Assessments paid into the reserve account are the property of the association and are not refundable to sellers or owners of lots. [1981 c.782 §15; 1999 c.677 §7; 2001 c.756 §10; 2003 c.569 §8; 2005 c.543 §1; 2007 c.409 §7; 2009 c.641 §4; 2017 c.111 §1]
- 94.550
Definitions for ORS 94.550 to 94.783 - 94.570
Applicability of ORS 94.550 to 94.783 - 94.572
Applicability of certain provisions of ORS 94.550 to 94.783 to Class I or Class II planned communities - 94.573
Class I or Class II planned community option to amend governing documents to conform to statute - 94.580
Declaration - 94.616
Turnover meeting - 94.630
Powers of association - 94.645
Adoption of annual budget - 94.670
Association duty to keep documents and records - 94.704
Assessment and payment of common expenses - 94.783
When certain administrative provisions apply
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CHAPTER 94—Real Property Development, https://www.oregonlegislature.gov/bills_laws/ors/ors094.html (2019) (last accessed May 16, 2020).2 OregonLaws.org contains the contents of Volume 21 of the ORS, inserted alongside the pertinent statutes. See the preface to the ORS Annotations for more information.
3 OregonLaws.org assembles these lists by analyzing references between Sections. Eachlisted item refers back to the current Section in its own text. The result revealsrelationships in the code that may not have otherwise been apparent. Currency Information
3 OregonLaws.org assembles these lists by analyzing references between Sections. Eachlisted item refers back to the current Section in its own text. The result revealsrelationships in the code that may not have otherwise been apparent. Currency Information