(75 ILCS 5/5-8) (from Ch. 81, par. 5-8)
Sec. 5-8.
The library board of any public library organized under the
provisions of this Act may accumulate and set apart, as reserve funds, for the
purchase of sites and buildings, for the construction and equipment of
buildings, for the rental and repair of buildings acquired for library
purposes, and for planned or emergency repairs and alterations of library
buildings and equipment, the unexpended balances of the proceeds annually
received from taxes not to excess of the statutory limits, provided the
library board in its annual appropriation determination to the corporate
authorities specifies that a specific fund is to be or is being accumulated
for this purpose and has further resolved to develop and adopt a plan or
plans pursuant to this Article. The plan required herein will be developed
in general form within 2 years of the adoption of the ordinance
establishing a special reserve fund; such plan subsequently may be amended
as circumstances may require. No plan is needed for the emergency
expenditures from this fund for the repair of an existing library building
or its equipment.
(Source: P.A. 84-770.)
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