Ordinance no. 16-03

            WHEREAS, unexpended yearly funding balances have been accumulated in the Special Reserve Fund pursuant to Ordinance No. 16-03 as authorized by 75 ILCS 16/40-50;

            NOW, THEREFORE, BE IT ORDAINED that the Board of Trustees of the Genoa Public Library District adopt the following plan of purpose for said Special Reserve Fund:

            The plan and purpose for said Special Reserve Fund shall be for the expansion and improvement of library service by the development of a modern comprehensive library facility through expert studies and/or consultants, purchase of real estate site for buildings, construction of facility or the remodeling, repairing, improving, or addition to existing facilities, or for the purchase of necessary equipment and materials for or in anticipation of such expanded library facilities or all of these objects.  It being the purpose of the Board of Trustees of the Genoa Public Library District to provide to the public within said district convenient and extensive library facilities all for the use of the public.

            BE IT FURTHER ORDAINED that the amount to be accumulated in said Special Reserve Fund shall be $1,000,000.00 or that amount which the Board of Trustees of the Genoa Public Library District may from time to time determine to be in the best interests of the public in securing the purposes of said Special Reserve Fund.

This ordinance to be effective immediately.

Adopted at Regular Meeting July 18, 2016.

Posted July 19, 2016.

Board of Trustees of

Genoa Public Library District

By: Michele Dvorak

President, Board of Trustees

ATTEST:

Julie Leffleman

Secretary, Board of Trustees