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❑ For ❑ Against <br />. Amend Section 65, "Creation of sinking fund and investments," to replace outdaae d <br />40 <br />language regarding the manner that bond funds may be invested with langu g <br />consistent with current law and practices, so that the section shall r.ead. <br />The ordinance authorizing any bonds to be issued shall provide for rihe <br />creation of a sinking fund sufficient to pay the bonds or warrants at matu y, <br />and make provision for the payment of the interest thereon as it matures, a <br />eneral fund may be mvested in <br />any surplus in any sinking fund or any g <br />accordance with the city's investment policy and the Public Funds Ine <br />or <br />Act. Such surplus funds may also be used for the purchase °e er that bonds the <br />warrants of the City of Paris that are not yet due; providedmh~ket value at the <br />price paid for said bonds or securities shall not excee atfor in said bonds or <br />time of purchase and the accrued mterest provonds or securities shall be <br />securities, and provided further that no such at a date subsequent to the <br />purchased which, according to thelr tea s,mao Which such sinking fund was <br />time or matunty of the bonds for the p yme <br />created. Neither interest nor sinking fund shall be devoted to any other <br />purpose whatsoever. ❑ For <br />❑ Against <br />41. Amend Section 70, "Transfers of appropriations," to delete the requirement t e~t the~ <br />ci~ manager may transfer unencumbered appropriations from one eepetion shall <br />another during the last three months of the fiscal year only, so that th <br />read: <br />The city manager may at any time transfer any unencumbered appropriatl <br />balance or portion thereof between general classifications of expen e~es <br />within an office, department or agency. At the request of the city manag , the <br />council may by resolution transfer any unencumbered appropriation balance <br />or portion thereof from one office, department or agency to another <br />❑ For ❑ Against <br />. Amend Section 749 "Sale of city property," to provide that the real and personal <br />42 <br />proAerty 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 />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 wlll ensure open <br />competition. The city council may prescribe rules and regul~~ tioa s uo e s ch <br />that no person s ha l l have a s u p e rio r o r u n f a i r a d v a n t a g e q <br />property. <br />