(75 ILCS 16/5-40)
Sec. 5-40.
Transfer and sharing of assets.
(a) Any assets, including real and personal property and tax and other
monies, received or due for the purposes of the library and held by the
corporate authority of a municipal, township, or county library included in the
library district, shall be transferred to the library district. "Property"
includes any building or buildings permanently occupied by and publicly
designated as the library building or buildings and used solely for library
purposes.
(b) Nothing in Section 5-35 or 5-45 or this Section
shall preclude a municipality, township, or county,
by written agreement, from sharing a library building or buildings
with a district library when the establishment of a
library district has been approved and the district includes wholly within its
territory a municipal, township, or county library.
(Source: P.A. 87-1277.)
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