06 Declaring results of City-Wide Special Election

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c. Early Voting 37 1 For Against D. Earlv Voting 119 8 For Against E. Early Voting 90 6 For Against F. Early Voting 162 3 For Against G. Early Voting 264 10 For Against District 3 Total 72 109 9 --1Q Total Cast 119 District 4 Total 89 208 11 --12 Total Cast 227 District 5 Total 67 157 7 -.U Total Cast 170 District 6 Total 19 181 2 -.2 Total Cast 186 District 7 Total 258 522 10 40 Total Cast 562 38. Proposition 38: Amend Section 65, "Creation of sinking fund and investments," to replace outdated language regarding the manner that bond funds may be invested with language consistent with current law and practices, so that the section shall read: The ordinance authorizing any bonds to be issued shall provide for the creation of a sinking fund sufficient to pay the bonds or warrants at maturity, and make provision for the payment of the interest thereon as it matures, and any surplus in any sinking fund or any general fund may be invested in accordance with the city's investment policy and the Public Funds Investment Act. Such surplus funds may also be used for the purchase of bonds or warrants ofthe City of Paris that are not yet due; provided, however that the price paid for said bonds or securities shall not exceed the market value at the time of purchase and the accrued interest provided for in said bonds or securities, and provided further that no such bonds or securities shall be purchased which, according to their terms, mature at a date subsequent to the time or maturity ofthe bonds for the payment of which such sinking fund was created. Neither interest nor sinking fund shall be devoted to any other purpose whatsoever. -39- ~ -r----..-....--....-.--