(75 ILCS 16/40-40)
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
(Source: P.A. 87-1277.)