(75 ILCS 10/13)
(from Ch. 81, par. 123)
In the event that the board of directors of a library system
determines to terminate the system and to cause liquidation thereof, the
board of directors of the library system shall submit an application to the
State Librarian together with a plan of liquidation describing the proposed
liquidation and setting forth the plan of liquidating obligations of the
system including but not limited to the obligations for pensions that may
have been provided for employees of the system.
The State Librarian, upon receipt of the application, shall first
determine if the area of service can be allocated to other adjoining
systems, and whether the assets and liabilities of the system proposed to
be liquidated can be assumed and absorbed by such adjoining systems.
If adjoining systems absorb the assets and assume the obligations of the
liquidating system, the State Librarian shall approve of the amendments to
the plans of service and amendments to the state grants to the systems
succeeding to the liquidating system.
In the event, however, that a system must be liquidated, the plan of
liquidation shall provide for the payment of all outstanding debts and may
provide, in addition, that assets of intrinsic value only to libraries or
of such historic value that such should remain in a library, then the plan
of liquidation may provide for transfer of such items to the State Library
of the State of Illinois. The State Library may itself transfer such items
to other library systems or retain the items in its own collection.
(Source: Laws 1967, p. 2428.)