Orleans Levee District Property Tax Language

Orleans Levee District

6.07 Mills – BOC – 30 Yrs.

Shall the governing authority of the Orleans Levee District be authorized to levy and collect annually a tax of 6.07 mills on all property subject to taxation in said District (the “Tax”) (an estimated $15,400,000 reasonably expected at the time to be collected for an entire year) for an additional period of thirty years beginning with the year 2016, and ending with the year 2045, the Tax being presently authorized to be levied and collected through the year 2015, for the purpose of construction, improvement and maintenance of various projects and the funding of the proceeds into bonds as set forth in the proposition approved at the election held on November 19, 1983; and (i) shall the revenues or proceeds of 5.46 mills of the Tax heretofore or hereafter received from both the original and extended authorization of the Tax be dedicated and used for the purpose of constructing and maintaining levees, levee drainage, flood protection, hurricane flood protection and for all other purposes incidental thereto, including payments required in connection with debt obligations incurred for any of the above described capital purposes; and (ii) shall the revenues or proceeds of 0.61 mills of the Tax hereafter received be dedicated and used for the operation and maintenance of those non-revenue producing assets not directly related to drainage, flood control or water resources development pertaining to tidewater flooding, hurricane control or saltwater intrusion (“Non-Flood Assets”), currently including but not limited to Lakeshore Drive, except any proceeds collected over and above that which is necessary for the operation and maintenance of the Non-Flood Assets shall remain with the Orleans Levee District to be used for the purposes set forth in part (i)?


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