(a) It shall be the duty of the Library Board to control and govern the library reading room, branches and stations established or to be established; and for that purpose it may make or adopt such by-laws, rules or regulations as may be expedient and not inconsistent with the Charter of the City and the general laws of the State of Michigan. It shall have the power to appoint a librarian, library assistants, and other library employees as may be required, fix their compensation within the limits of the library budget and terminate their employment, subject to civil service rules and regulations. It shall have the care and custody of the books, magazines, furniture, fixtures and equipment in said library. The City shall keep such property properly and adequately insured against loss or damage by fire or other casualty in such amounts and with such insurers as shall be approved by the City Council. Said Library Board shall have the power to impose and collect reasonable fines for the infringement of established rules and regulations. It may enter into contracts with other municipalities for furnishing the use of its library facilities and services and make reasonable charges therefor; it may establish and collect fees for use of such services and facilities by non-residents of the City; it may accept donations, contributions and gifts, either general or for specific purposes, and may expend the money so received in accordance with any lawful stipulation imposed by the donor; it may receive any money appropriated to it by the State and disburse the same in accordance with the laws governing such disbursement. All moneys received by the Library Board shall be deposited with the City Treasurer and, except as otherwise provided by law, credited to the Library Fund.