(A)   For the purpose of financing the Library Board, there shall be established in the city treasury, under the jurisdiction of the Board, a separate fund to be called the Library Fund. Into this Fund shall be placed the revenues of the Board, including the annual tax levy for library purposes, gifts, bequests, contributions, earnings or charges of the Board for use of its facilities, and other miscellaneous revenues. The Board shall have exclusive control of the expenditure of all money collected, or placed to the credit of the Fund, and from the Fund shall be paid all charges, claims and disbursements attributable to the library and reading room expense.
   (B)   The Board shall, in the manner as the Council, according to M.S. § 412.271, as it may be amended from time to time, and to the same extent, audit claims to be paid from the Library Fund, which claims shall be presented to the City Council for audit and payment.
   (C)   At the first regular meeting of the Board, following the end of the fiscal year, the Board shall report to the governing body of the city, all amounts received during the preceding year and the source thereof, the amounts expended and for what purposes, the number of books on hand, the number purchased and loaned and any other information as it deems advisable. A copy of the report shall be filed with the Library Division, State Department of Education.
(Ord. 22, passed 4-21-1958)