In addition to all other powers and authority now possessed by it, the Board of Library Trustees shall have the following powers:
(A) To lease from any Public Building Commission created pursuant to the provisions of 50 ILCS 20/1 et seq., the Public Building Commission Act, as now or hereafter amended, any real or personal property for library purposes for a period of time not exceeding 20 years;
(B) To pay for the use of this leased property in accordance with the terms of the lease and with the provisions of 50 ILCS 20/1 et seq., the Public Building Commission Act, as now or hereafter amended;
(C) Such lease may be entered into without making a previous appropriation for the expense thereby incurred; however, if the Board undertakes to pay all or any part of the costs of operating and maintaining the property of a Public Building Commission as authorized in division (D) below, such expenses of operation and maintenance shall be included in the annual budget of such Board annually during the term of such undertaking; and
(D) In addition, the Board may undertake, either in the lease with a Public Building Commission or by separate agreement or contract with a Public Building Commission, to pay all or any part of the costs of maintaining and operating the property of a Public Building Commission for any period of time not exceeding 40 years.
(75 ILCS 5/4-7.1) (1999 Code, § 20-1-8)