By-Laws Amendment (11/15/01) 

for the St. Charles City-County Library Foundation

Article VI: Finances; Section 11 Endowments

Section 11. Endowments  The Foundation may accept and administer donations that provide a fixed principle, with distributions restricted to subsequent earnings on that principle amount. The Foundation Board, in consultation with the financial advisor, will determine the exact amount earned in any period and qualified for distribution. Funds may be retained from period to period, depending on the beneficiary's financial need, and allowed to accumulate, provided that at the time distributions are made, that amount shall not exceed the total of all net proceeds accumulated since the last distribution. The principle amount, as an inviolable corpus shall not be considered in calculating the Foundation's minimum annual disbursements as specified in Article II, Section 1 of these Bylaws.