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<br />D For <br /> <br />D Against <br /> <br />40. Amend Section 65, "Creation of sinking fund and investments," to replace outdated <br />language regarding the manner that bond funds may be invested with language <br />consistent with current law and practices, so that the section shall read: <br /> <br />The ordinance authorizing any bonds to be issued shall provide for the <br />creation of a sinking fund sufficient to pay the bonds or warrants at maturity, <br />and make provision for the payment of the interest thereon as it matures, and <br />any surplus in any sinking fund or any general fund may be invested in <br />accordance with the city's investment policy and the Public Funds Investment <br />Act. Such surplus funds may also be used for the purchase of bonds or <br />warrants of the City of Paris that are not yet due; provided, however that the <br />price paid for said bonds or securities shall not exceed the market value at the <br />time of purchase and the accrued interest provided for in said bonds or <br />securities, and provided further that no such bonds or securities shall be <br />purchased which, according to their terms, mature at a date subsequent to the <br />time or maturity of the bonds for the payment of which such sinking fund was <br />created. Neither interest nor sinking fund shall be devoted to any other <br />purpose whatsoever. <br /> <br />D For <br /> <br />D Against <br /> <br />41. Amend Section 70, "Transfers of appropriations," to delete the requirement that the <br />city manager may transfer unencumbered appropriations from one department to <br />another during the last three months of the fiscal year only, so that the section shall <br />read: <br /> <br />The city manager may at any time transfer any unencumbered appropriation <br />balance or portion thereof between general classifications of expenditures <br />within an office, department or agency. At the request of the city manager, the <br />council may by resolution transfer any unencumbered appropriation balance <br />or portion thereof from one office, department or agency to another <br /> <br />D For <br /> <br />D Against <br /> <br />42. Amend Section 74, "Sale of city property," to provide that the real and personal <br />property of the city may be sold only in a manner authorized by state law that ensures <br />open competition so that the section shall read: <br /> <br />The city may sell or contract for the sale of real or personal property only in <br />a manner authorized by state law and under terms that will ensure open <br />competition. The city council may prescribe rules and regulations to ensure <br />that no person shall have a superior or unfair advantage to acquire such <br />property. <br /> <br />11 <br /> <br />~ <br />