(d) all money received by the library board under an agreement to provide
library service.

(3) The library board must
(a) prepare annual financial statements to be audited by the auditors
appointed by the library board, and
(b) provide a copy of the audited financial statements tc the municipalities,
school districts and regional districts served by the regional library
district
[Section 34 (f) and 36 (1) of present Act and new provisions]

40 POWER TO BORROW IN ANTICIPATION OF REVENUE

The library board may borrow money needed to meet its current expenditures if
the amount borrowed
(a) is not more than the revenue the library board is to receive from all
sources to cover ‘hose expenditures, and

(b) is repaid when the anticipated revenue is received.
[Newj

41 SHARING THE COST OF LIBRARY SERVICE

(1) In this section “converted value of land and improvements” means the net
taxable value of land and improvements multiplied by a percentage equal to
the percentage prescribed by the Lieutenant Governor in Council under
section 808 (1) of the Municipal Act for the applicable property class.

(2) The cost of providing library service in a regional library district must be
apportioned among the municipalities, school districts and regional districts
forming part of the regional library district and any regional district to
which it provides service under an agreement made before section 297 comes
into force
{2) 1/2 on the basis of the converted value of land and improvements in
any area of the municipalities, school districts and regional districts that
is served by the regional library district, and

(b) 1/2 on the basis of the population of any area of the municipalities,
school districts and regional districts that is served by the regional
library district,

unless a proposal is adopted under subsection (3).

(3) Ifatieast 75% of the municipalities, school districts and regional districts
referred to in subsection (2) adopt a proposal on apportioning the cost of

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