As it says in section 3101, "Emergency repairs and maintenance are those actions necessary to maintain or restore the functionality of the private road, private way or bridge."  I would interpret that to mean that if you have already collected your usual assessments, and they prove insufficient to "maintain or restore the functionality," perhaps due to unanticipated weather events or damage to the road, then that would constitute an emergency under this definition. 

It's always good to plan in a bit of extra in your maintenance budget in case something unexpected comes up, and section 3103 now allows keeping a reserve account; however, I understand that some associations may struggle to collect what they need, and that shortfalls can occur, especially if there are non-paying members.  Rising maintenance costs can also result in a shortfall.

I hope others will chime in with their thoughts.