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Code · Illinois · Chapter 75 — LIBRARIES · Act 16

Sec. 40-40. Accumulation of funds.

131 words·~1 min read·/il/chapter-75/act-16/40-40

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Sec. 40-40. Accumulation of funds.
(a)The board shall determine when it will proceed with constructing a building, purchasing a site or building, remodeling, repairing, or improving an existing library building, building an addition to an existing library building, or purchasing necessary equipment. The board may proceed at once or may determine to wait and allow funds to accumulate.
(b)If the board determines to let funds accumulate, it shall invest the money as authorized by law until the money is needed for any or all of the purposes authorized in Section 40-5.
(c)The board may contract to accomplish any or all of the purposes enumerated in subsection
(a)and shall apply the proceeds of any special tax as collected and the funds accumulated toward payment for accomplishing those purposes.
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