The owners, at a meeting held under section 3101, may by a majority vote of the owners present and voting in person or by written proxy or absentee ballot authorize:
1. Contract for repair. A contract for repairs or maintenance to the private road, private way or bridge by the year or for a lesser time and may raise money for that purpose pursuant to section 3101, subsection 5; and
2. Reserve account. A reserve account to be established to hold funds solely to be used for repairs and maintenance.