>Middletown Library Issues Three Resolutions to Release Excess Funds To Township

>The Middletown Library made it official last week when it issued the three resolutions requested of it from the Township, that would authorize the release of $500,000 from previously reserved library funds, to the Township.

These resolutions have no yet made it onto the Middletown Library’s website, but i was told that they will be posted soon along with meeting minutes from the March 16th Board of Trustees Meeting.

Resolution 2011-23/Unrestricted Library Capital Reserves, Resolution 2011-26/ Forfeiture of Unreserved Funds and Resolution 2011-27/ Intent to transfer excess funds to the municipality of Middletown pending approval of the NJ State Librarian.

Resolution 2011-23, authorizes the release of $500,000 of reserved funds to the Township.
Resolution 2011-26, states that the Library Board of Trustees have agrees to forfeit 2008 & 2009 budget surplus of $196,831 as part of unrestricted funds o be transfer to the Township, and Resolution 2011-27, reaffirms the Library’s intent to transfer $500,000 to the Township once approval is given by the NJ State Librarian.
You can read the resolutions by clicking on the hyperlinks above if you are interested to read them.

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Filed under Board of Trustees, Middletown Library, Middletown Township, reserved funds, resolution 2011-23, resolution 2011-26, resolution 2011-27, surplus funds

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