(75 ILCS 16/40-50)
Special reserve fund; plan.
(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.
(Source: P.A. 87-1277.)