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<br />2.31
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<br />Section 7., 1 That except as otherwise provided in this -.ordinance
<br />the
<br />election called hereby shall be conducted as provided by law for other
<br />municipal electiona in said city,
<br />SeCti-On 8,i, That the purpoae for which the proceeds of tbe'.. sale of the
<br />Public utility described in the proposition hereinbefore set forth are'PrQposed
<br />to, be expended, are, to wit.
<br />. (a) The sum of $2, 0.0 0, 00* 00 shad he placed in
<br />the Special. Juveatme.lat Fund for a minitnum period of ten years' and shall be
<br />invested in, interest bearing time deposits and/or stocks, 'bonds and, other
<br />vestments_permitte-d by thelaws ,Of the State of California .and approved by the
<br />,City COUAC14 Interests earned on such. inv_-eztment6 shall accrue to the
<br />General Fund, of the City Treasury4_ 1UPon, the expiration of the ten year period
<br />from the date OfcOnSumalion of the sale of the- electric utility-, the total sum
<br />of $2,, 000., 000.00 shall be available exclusively for Capital
<br />improvements
<br />P,rojoctsapproved by the,City Cduncil;, howevers suchtundsnot appropriated
<br />forL Capital ]IMprovern-ents-Projects shall r:ewain in the Specjal Investment
<br />F'Und until. an, appropriation for that Purpose be approved
<br />(b), The slim of $6139,52 1�;O:O shall be placed in. the Bond :Interest and
<br />Redemption Fund to provider for the retirement of principal of the following
<br />bonded, indebtedness,
<br />t4municipal JinproVements Bonds, 1957; �, ,Und a
<br />orp ss,
<br />Bonds, MoctiOn 195.6', Series, J;; 4(314 VnderpassL
<br />-Bonds, Xlectibn 195-6, Series 2;
<br />and (4). State Employees Iketirement System
<br />Building Geniicotes,Monies
<br />remaining in this Fund: after the, annual retirement of maturing bonds shall be
<br />invested; in interest bearing time deposits a-Adfor sto'9ks, bonds: and, other
<br />investments, permitted by the Laws or the State of California and approved by -
<br />the City Council4. Intexecat earned on such investments shall beused exclusively
<br />for the retirement'of annual interest accruing on this bonded indebtedness:; and
<br />fel' The sum Of $1, 5 6 0 a 479800 shall be placed in the Capital Improve-
<br />melt Fund and shall be used exclusively for Capi
<br />tal..Improvem,ents-,Pr,-jbje:tts
<br />approved by the City Co
<br />uncil. Unapp-Topriated monies remaining in this Fund
<br />30 may be invested in interest bearing time deposits andfor stocks, laondsand
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<br />Other- investments, -permitted by the laws. Of the State, of California, Interest
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<br />earned on such investments, shall -accrue to the 'General Fund,
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