Who owns the library?

In an article about the growing trend of private takeovers of public library systems, David Streitfeld of the New York Times poses the question:

Can a municipal service like a library hold so central a place that it should be entrusted to a profit-driven contractor only as a last resort — and maybe not even then?

With vigorous debate on both sides of the issue, and many towns – and some states – on the brink of bankruptcy, what are your thoughts on the issue? For library systems that do go private, who decides which books are added to collections? What if private ownership could prevent reductions in hours and services? If you live in a city that’s taken its libraries private, please share how the transition has affected your community.