Any person may make a donation of money, lands, or other property for the benefit of the library, and the title to the property donated may be made to and shall vest in the city for the "Public Library," and such property shall thereupon be exempt from taxation. The President of the Library Board shall have the power to release, upon full payment, any mortgage constituting a credit to the Library Fund outstanding in the name of the Library Board, and the signature of the President on any such release shall be authenticated by the Secretary of the Board. The President and Secretary in like manner, upon a resolution duly passed and adopted by the Board, may renew any such mortgage.
('72 Code, § 3-209)