OLD ORCHARD BEACH — The Libby Memorial Library will remain open for business Wednesday after its board of trustees met for three hours Tuesday night with the Old Orchard Beach Town Council.

Assistant Town Manager V. Louise Reid said the two sides reached consensus on a memorandum of understanding that gives the town control over library finances and payroll matters, but which also give trustees control over the operation of the library.

“We don’t want to run the library,” Reid said, referring to the town’s role.

Councilors will review the proposed agreement at their May 16 meeting before voting on whether to accept it, Reid said.

Library officials had threatened to close the library, which is apparently about to run out of money after town officials stopped making regular quarterly deposits in library accounts.

A scrolling line on the library’s website said that due to its impending closure all library materials should returned by May 9.

But, Reid said library users have no reason to worry because the library will be open Wednesday.

Old Orchard Beach police, with assistance from the state Attorney General’s Office, are still investigating alleged misappropriation of library funds. Suspicion has focused on a former library bookkeeper, who passed away in March.