Ohio House Bill 135 Summary:

 On July 20, 2004, Ohio enacted Ohio Revised Code Section 5311.081(A)(1) that indicates:

1) "unless otherwise provided in the declaration or bylaws," the board must adopt and amend budgets for revenues, expenditures, and reserves in an amount adequate to repair and replace major capital items in the normal course of operations, without the necessity of special assessments,

2) provided that the amount set aside annually shall not be less than ten percent (10%) of the budget for that year,

3) unless the reserve requirement is waived annually by the unit owners exercising not less than a majority of the voting power of the unit owners' association.