HARRY HUGHES, Governor

3335

(v) The identity of the managing entity and the
manner, if any, whereby the developer may change the managing
entity or its control;

(vi) A balance sheet for the time-share estate
project, THAT IS PREPARED BY AN INDEPENDENT CERTIFIED PUBLIC
ACCOUNTANT, containing information effective as of the close of
the immediately preceding fiscal year, or the fiscal year
immediately before the last one if the statement is distributed
within 90 days of the end of a fiscal year, and a projected
budget for the association, either within or as an exhibit to the
public offering statement, for 1 year after the date of the first
transfer to a purchaser, a statement of who prepared the budget,
and a statement of the budgetary assumptions concerning occupancy
and inflation factors. The budget shall include:

1.  A statement of the amount, or a
statement that there is no amount, included in the budget as a
reserve for repairs and replacements;

2.  A statement of any other reserves;

3.  The projected time-share expense
liability by category of expenditures for the time-share units;
and

4.  The projected time-share expense
liability for each time-share;

(vii) A description of time-share expenses, the
current amounts assessed, and the method and formula for changes;

(viii) Any services which the developer
provides or expenses he pays and which he expects may become at
any subsequent time a time-share expense and the projected
time-share expense liability attributable to each of those
services or expenses for each time-share;

(ix) Any initial or special fee due from the
time-share purchaser at closing, together with a description of
the purpose of the fee and the method of its calculation;

(x) A statement of any liens, defects, or
encumbrances on or affecting the title to the time-share units;

(xi) A description of any financing offered by
the developer;

(xii) The terms and significant limitations of
any warranties provided by the developer, including statutory
warranties and limitations on enforcement of damages;

(xiii) A statement that: