La. R.S. 33:4135

Should this Act be passed by the legislature and approved by the electors at the election to be held on the first Tuesday next following the first Monday in November 1966, in the manner provided by the constitution, all rights of the sewerage and water board of New Orleans to the three mills authorized to be levied by Section 4095 of this Part shall terminate as of January 1, 1967, and the said three mills shall be used by the city of New Orleans exclusively for servicing its bonded indebtedness, and said three mills or any portion thereof shall be levied for bonded debt purposes only when in the discretion of the Board of Liquidation, City Debt, there is a need to levy such portion or all of said three mills for said purpose.