093_HB1751eng

 
HB1751 Engrossed                     LRB093 04704 MKM 04760 b

 1        AN ACT concerning libraries.

 2        Be it enacted by the People of  the  State  of  Illinois,
 3    represented in the General Assembly:

 4        Section  5.   The  Public Library District Act of 1991 is
 5    amended by adding Section 40-55 as follows:

 6        (75 ILCS 16/40-55 new)
 7        Sec. 40-55.  Insurance Reserve Fund; transfers. The board
 8    of the Byron Public Library District  may,  within  one  year
 9    from  the  effective  date of this Amendatory Act of the 93rd
10    General Assembly, by proper  resolution  following  a  public
11    hearing  (that  is  preceded by at least one published notice
12    occurring at least 7 days prior to the hearing in a newspaper
13    of general circulation within the district and setting  forth
14    the  time,  date,  place, and subject matter of the hearing),
15    transfer  money  from  the  Insurance  Reserve  Fund  to  the
16    district's Expansion Special Reserve Fund, provided that  the
17    amount  transferred  is  not then required for the payment of
18    any liabilities due to be paid  from  the  Insurance  Reserve
19    Fund.