Sec. 40-50. Special reserve fund; plan.

165 words·~1 min read·/il/chapter-75/act-16/40-50

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)The board may, by ordinance, establish a special reserve fund, for the purpose of Section 40-5 or for emergency expenditures for the repair of an existing library building or its equipment. The board may transfer to the special reserve fund, each year, the unexpended balances of the proceeds received annually from annual public library taxes not in excess of statutory limits if

(i)the board has resolved to develop and adopt a plan or plans as authorized in this Article and

(ii)the board provides in the annual appropriation ordinance for accumulation of those unexpended balances.

(b)The plan required in this Section shall be developed in general form within 2 years of the adoption of the ordinance establishing a special reserve fund; the plan subsequently may be amended as circumstances may require.

(c)No plan is needed for the emergency expenditures from the special reserve fund for the repair of an existing library building or its equipment.