This is the 188th most frequent Icelandic word.
júlí
July.
Here, 'júlí' is used as a proper noun, specifically the name of the month.
Júlí er næstmánuðurinn í röðinni.
July is the next month in sequence.
Here, 'júlí' is used as a proper noun indicating the time of an event.
Ég fæ mér sumarfrí í júlí.
I take my summer vacation in July.
Again, 'júlí' is used as a proper noun to specify a moment in time with an additional descriptor for 'last year'.