Before transferring funds, the board must take several required steps. The board must serve a notification to owners with: A statement of the board’s intention to transfer the reserve funds Notice of the date when the board intends to make a decision A description of any alternative considered to transferring the funds and the reason why the alternative was not adopted and A proposed revision to the reserve fund plan identifying the: Amount of reserve fund being transferred to the operating fund and A specific repayment plan that will be used to repay the amount transferred from the fund within 2 years of the date the declaration or state of emergency has ended In addition, the board must pass a resolution with a 75% majority of directors eligible to vote that authorized the transfer to the operating fund and approved the proposed revision to the reserve fund. Finally, the board must also serve notice to owners confirming that the changes to the reserve fund plan have been adopted and provide the revised reserve fund plan to owners.