(75 ILCS 16/40-55)
Sec. 40-55.
Insurance Reserve Fund; transfers.
The board of the Byron
Public Library District
may,
within one year from the effective date of this Amendatory Act of the 93rd
General
Assembly, by proper resolution following
a
public
hearing
(that is preceded by at least one published notice occurring at least 7 days
prior to the
hearing in a newspaper of general circulation within the district and setting
forth the time,
date, place, and subject matter of the hearing), transfer money from the
Insurance Reserve Fund to the district's Expansion Special Reserve Fund,
provided that the amount transferred is
not then
required for the payment of any liabilities due to be paid from the Insurance
Reserve Fund.
(Source: P.A. 93-315, eff. 1-1-04.)
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