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Governing Documents Overview
Lake Caroline is a private, planned community, and once you have purchased property you automatically become a member of the Lake Caroline Owners Association (LCOA). We are a corporation that elects to be taxed as a homeowners’ association under Internal Revenue Code 528. We are governed by our organizational documents and our board of directors, elected by you and our other members.
There are three organizational documents:
Bylaws detail the operational and decision-making aspects of LCOA and addresses the rights of property owners and the land itself. The document includes information on voting processes, quorum requirements, provisions for holding meetings, election requirements, and other operating guidelines.
2. Covenants, Conditions and Restrictions (Covenants)
Covenants is the legal document created by our community’s developer, Lake Caroline, Inc. (LCI). The purpose of this document is to ensure that the Lake Caroline community remains one that is aesthetically pleasing and functionally convenient for its owners. This document details the requirements which must be followed by property owners to ensure this goal is met.
The purpose of this document is to aid in the implementation, administration, and enforcement of the Covenants, and as such, includes the specific rules relating to:
· Use of common areas and facilities
· Use of lots and dwellings
· Green space and waterfront areas
· Lake Usage
· Architectural guidelines, and
· Enforcement of covenants.
Click on the document names above to access each document. Please note that these documents were filed with the county. The recorded documents are available at the Madison County Chancery Court’s Office and on its website.