When you buy a property with an HOA, you are buying into the system that is set in place before you arrived. If that HOA is derelict in using funds for upkeep and maintenance, can you stop paying? NO. Could you stop paying your taxes because you don't believe the government is spending your money properly? Not without dire consequences.
You have to pay your HOA dues regardless of how effective or ineffective an HOA Board is operating the HOA. If you choose not to pay your HOA dues, the HOA can bring a collection suit against you and recover the unpaid dues as well as their attorneys' fees.
Under new laws taking effect in 2012, the HOA must allow you a three month period for payment and they must first apply any payments to unpaid dues first before attorneys fees or fines are credited.