Synopsis As Introduced Amends the Counties Code, Illinois Local Library Act, Public Library District Act of 1991, and the Village Library Act. Provides that local libraries may not possess securities or financial assets in a fiscal year in excess of 200% of the total revenue (during the preceding fiscal year) of the local library. Provides that if a local library possesses securities or financial assets in excess of 200% of the total revenue, then it must reduce its property tax levy to ensure that the securities or financial assets plus revenue does not exceed 200% of the total revenue. Requires a voter referendum approving any capital improvement project that at least 50% of the projected cost of the project is to be paid for by the local library's securities or financial assets and it imposes additional operating costs on the local library. Requires a local library to disclose on its website its securities and financial assets when the local library's securities and financial assets are in excess of 50% of the total revenue of the local library. Defines terms. Amends the State Library Act. Requires the State Librarian to adopt rules governing when and how local libraries disclose the local library's securities and financial assets on their website.