2007-015-RES-Ordering A Special City-Wid Election, held on the 2nd Sat. in May

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^ For ^ Against " to replace outdated 40. Amend Section 65, "Creation of sinking fund and roves be vested with language language regarding the manner that bond at the section shall read: consistent with current law and practices, so th The ordinance authorizing any bonds to be issued shall provide forrihe creation of a sinking fund sufficient to pay the bonds or warra ~ matures and and make provision for the payment of the interest thereon as i > eneral fund may be invested in any surplus in any sinking fund or any g accordance with the city's investment policy and the Public Funds ~vondseor Act. Such surplus funds may also be used for the purchase o Veb that the warrants of the City of Paris that are not yet due; providedmarket value at the price paid for said bonds or securities shall not exceedtfor in said bonds or time of purchase and the accrued interest provonds or securities shall, be securities, and provided further that no such b urchased which, according to their terms, mature at a date subsequent towas P time or maturity of the bonds for the payment of which such sinkin gfun other created. Neither interest nor sinking fund shall be devoted to y purpose whatsoever. ^ For ^ Against mend Section 70, "Transfers of appropriations," to delete the requirement thant tho 41. A ro riahons from. one departure city manager may transfer unencumberehd f pal p ear only, so that the section shall another during the last three months oft Y read: The city manager may at any time transfer any unencumbered appropriation balance or ortion thereof between general classifications of expenditures P within an office, department or agency. At the request of the city manabalance council may by resolution transfer any unencumbered aopanothero or portion thereof from one office, department or agency t ^ For ^ Against mend Section 74, "Sale of city property," to provide that the real and personal 42. A ro er of the city may be sold only in a manner authorized by state law that ensures p p tY open competition so that the section shall read: The cit may sell or contract for the sale of real or personal property only en Y a manner authorized by state law and under terms that will ensure op competition. The city council may prescribe rules and regulation s uo e Such that no person shall have a superior or unfair advantage to q property.