PEP 263 defines how to declare Python source code encoding.
Normally, the first 2 lines of a Python file should start with:
#!/usr/bin/python
# -*- c
I suspect it is similar to Ruby - either method is okay.
This is largely because different text editors use different methods (ie, these two) of marking encoding.
With Ruby, as long as the first, or second if there is a shebang line contains a string that matches:
coding: encoding-name
and ignoring any whitespace and other fluff on those lines. (It can often be a = instead of :, too).