A.It shall be the duty of the council of the city of New Orleans or its successor, as the governing body of said city of New Orleans, to levy and collect for the year 1993, and annually thereafter for a term of ten years, a special ad valorem tax of two mills on the dollar as adjusted in accordance with the provisions of the Constitution of Louisiana upon all the taxable property, real, personal and mixed, in the city of New Orleans, said tax to be levied over and above all other taxes now authorized to be levied by the city of New Orleans. The proceeds of said special tax shall be paid over to the Board of Liquidation, City Debt, day by day as the same is collected by the proper officials of the city of New Orleans, and such proceeds shall be used solely and exclusively for the construct
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A. It shall be the duty of the council of the city of New Orleans or its successor, as the governing body of said city of New Orleans, to levy and collect for the year 1993, and annually thereafter for a term of ten years, a special ad valorem tax of two mills on the dollar as adjusted in accordance with the provisions of the Constitution of Louisiana upon all the taxable property, real, personal and mixed, in the city of New Orleans, said tax to be levied over and above all other taxes now authorized to be levied by the city of New Orleans. The proceeds of said special tax shall be paid over to the Board of Liquidation, City Debt, day by day as the same is collected by the proper officials of the city of New Orleans, and such proceeds shall be used solely and exclusively for the construction and extension and repair and maintenance of the sewerage, water, and drainage systems of the city of New Orleans and shall be deposited with the fiscal agent banks of the Board of Liquidation, City Debt, to the credit of a special fund called "Construction and Extension Fund of the Sewerage and Water Board". The Board of Liquidation, City Debt, may, in its discretion, invest any of the proceeds of said special tax in such investments as it is authorized by law to make whenever an officer designated by the Sewerage and Water Board requests the investment of such funds by the Board of Liquidation, City Debt.
B. All disbursements made by the Sewerage and Water Board out of the proceeds of said fund shall be in the form of warrants or drafts on the Board of Liquidation, City Debt, setting forth the amounts thereof, the persons to whom payable, and the purpose for which the payment is made; and the Board of Liquidation, City Debt, is charged with the duty of taking care that no irregular or improper or unlawful payments are made out of said special tax fund.
C. The Board of Liquidation, City Debt, as now organized and created, and with the powers, duties, and functions prescribed by existing laws and by this Section shall be continued as long as said special tax is levied and collected under this Section.
D. The provisions hereof are self-operative and the city of New Orleans and the several boards and bodies herein referred to shall carry the same into effect.
E. The collection of ad valorem taxes as provided in this Section shall be subject to a parish wide or local election.
F.(1) Prior to the submission of the ad valorem taxes as provided in this Section to the voters for approval, the Sewerage and Water Board shall no later than October 3, 1992, conduct a complete review and analysis of all fiscal alternatives for funding the construction, repair, and maintenance of the sewer, water, and drainage systems of the city of New Orleans.
(2) The fiscal analysis of alternative financing measures shall include but not be limited to the utilization of any surplus funds of the Sewerage and Water Board for leverage in issuance of bonds.
(3) The fiscal analysis shall be made in an attempt to effect necessary construction, repair, and maintenance without the levy and collection of taxes as provided in this Section.
(4) Prior to the submission of the ad valorem taxes as provided herein, the Sewerage and Water Board shall certify in writing to the mayor, the city council, and the Orleans legislative delegation that there are no alternative fiscal measures available to effect necessary construction, repair, and maintenance without the levy and collection of taxes as provided in this Section.