(A) The Board of Directors may accept any gift of property of any character upon any terms and conditions which the donor may prescribe and which may be acceptable to the Board, provided no gift which imposes upon the town any obligation to incur any expenses in order to keep, use or maintain the gift may be accepted by the Board unless it is approved by the town meeting. The Board may establish with any of the property one or more library funds and shall have the exclusive control and management thereof, may hold title thereto and may manage and invest and reinvest the same in accordance with the laws of the state governing the investment of trust funds. Subject to the terms and conditions upon which any of the property or funds shall be held, the Directors shall transfer the gross income thereof quarterly, or more frequently, to the Town Treasurer to be expended by the town for general library purposes or for specific purposes as may be required to comply with the terms and conditions of any gift. To the extent permitted by the terms and conditions upon which any funds may have been received, the Directors may transfer to the Town Treasurer the whole or any part of the principal of any library fund to be expended by the town for general library purposes. In connection with the administration and management of any property or funds, the Directors may employ agents, experts and other personnel as they may deem advisable.
(B) The Board of Finance of the town is hereby authorized to appropriate and expend sums of money for the care, maintenance and support of the library, and may, from time to time, appropriate in addition thereto, sums of money for building purposes, repairs or improvements in real estate and fixtures, all of the appropriations being subject to the approval of a town meeting. All monies which have been or shall be approved by the town for library purposes, shall be paid by the Treasurer of the town to the Treasurer appointed by the Board of Library Directors within 30 days after approval. No payments shall be made by the Treasurer appointed by the Board of Library Directors, except upon bills or orders approved in a manner as may be provided in the regulations of the Directors and all bills and vouchers for expenses incurred shall be kept on file and subject to inspection of any town officer. The Board of Directors of the library shall not expend any money in excess of the money appropriated by the Board of Finance and approved by the town; except, however, that any funds not derived from the town appropriations but allocated directly to the Library Board, may be expended to an amount as the Board of Directors may approve.
(Ord. passed 10-15-1951)