Is it moral to "defraud" a public library?

There is an out-of-print book that I can't get for less than $100, a price I am not willing to pay. My library has a copy but they won't offer it for sale. Is it wrong to tell the library it is "lost" and just pay the fees, assuming they are reasonable?

(This was a Facebook thread you can read here: http://www.facebook.com/mossoffa/posts/10150296245954418
but please don't quote me - I was speaking very much off-the-cuff)

The more interesting question might be: is is moral to even USE a public library?