§ 13-2-504 - Surplus funds -- Matching funds. - Arkansas Statutes

13-2-504. Surplus funds -- Matching funds.

(a) The board of trustees of any city public library is authorized to use any surplus funds available in the operating or maintenance account of the library for matching federal or other funds available for financing necessary expansions or improvements of the library.

(b) Before using any of the funds for the purposes of this section, the board shall adopt a resolution setting forth the amount of the funds to be used, the purposes for which the funds are to be used, the amount of matching funds to be derived by the use of the funds, and the nature of the expansions or improvements to be made.

(c) The resolution shall include a declaration that the use of the funds will not jeopardize any existing program of the library and that the funds are not needed for any existing or anticipated maintenance or operating purpose of the library.

(d) The board, using funds as authorized in this section, is authorized to enter into contracts or agreements necessary to accomplish the purposes of this section.

(e) With respect to the purposes of this section, the board is authorized to accept gifts, grants, or donations of real or personal property from the federal government or from any person, firm, or corporation to be used for the purposes of the expansion or improvement of the library.