According to Section 6.3 of the Covenants, Conditions and Restrictions of Woodbridge, at least thirty (30) days prior to the end of the year, the Board shall prepare a budget covering the estimated common expenses of the Association for the following year. The annual assessment shall be applied equally to all Class A (owners other than the Declarant or Developer) and will be set at a level to reasonably provide the income equal to the budgeted common expenses, including reserves, of the association.
The notice of the annual assessment must be delivered at least thirty (30) days prior to the effective date of the assessment. The assessment notices are delivered on or prior to December 1st; effective and due on January 1st. Assessments are considered delinquent if not paid by the 31st day of January.