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The proceeds of all sales of bonds issued under the authority of La. Rev. Stat. 33:4125, except refunding bonds which shall be governed by the provisions of the resolution authorizing their issuance, shall be held by the Board of Liquidation, City Debt, and paid over on the warrants of the Sewerage and Water Board of New Orleans in the manner and under the conditions provided in La. Rev. Stat. 33:4094 with reference to disbursements of said tax funds, and shall be used solely and exclusively for the construction and extension of the drainage system of the city of New Orleans.

Added by Acts 1976, No. 167, §1.  Acts 1985, No. 731, §1, eff. July 16, 1985.