The Cambridge Place at Preston Trail

What The Cambridge Place at Preston Trail's governing documents say

This is an amendment to the governing documents of Cambridge Place at Preston Trail, a Homeowners Association (HOA) in Grand Prairie, TX. It replaces the previous Exhibit C-1 with a detailed policy for the Replacement Fund (reserve fund), which sets rules for how the HOA saves and spends money on major repairs and replacement of common property assets like streets, sidewalks, gates, and lighting. The policy binds the HOA board and affects homeowners through assessments.

• Replacement Fund Policy: The HOA must maintain a Replacement Fund to cover major repairs and replacements of common assets. A reserve fund study is updated every 5 years (or sooner if needed) with a 30-year projection. The goal is to achieve 100% full funding (i.e., enough saved to cover all deterioration) and keep the fund balance between 70% and 130% of full funding during intermediate years.
• Funding & Assessments: The fund is built from annual capital assessments paid by homeowners, plus possible transfers from the operating fund. If funds fall short, the HOA can increase assessments or pass special assessments. Expenditures under $5,000 come from the operating fund, not the replacement fund.
• Investment Rules: Replacement fund assets must be invested conservatively—preserving principal, matching maturities to expected expenditures (max 5-year maturities), and using low-risk securities like CDs, AAA-rated municipals, or U.S. Treasuries. Performance is reviewed annually by the board.
• What this document doesn't cover: This is a partial amendment focused only on the replacement fund policy. It does not cover typical HOA rules such as pet restrictions, leasing limits, architectural guidelines, parking rules, or age restrictions. Those would be found in the main declaration and other governing documents.

Plain-language summary generated from the governing documents on file for this community. It may be incomplete and is not legal advice — read the full documents below or consult the official recorded versions.