Parishwide Proposition No. 3 of 3 - Drainage and Stormwater Management Projects)

Shall the City of New Orleans, Louisiana (the "City"), incur debt and issue up to $50,000,000 of general obligation bonds of the City, in multiple series, to run not exceeding thirty (30) years from each date thereof and bearing interest at rates not exceeding eight percent (8.00%) per annum, for the purpose of constructing, renovating, and improving surface and subsurface drainage systems and stormwater management facilities in the City approved by the New Orleans City Council and permitted by the City's Home Rule Charter, including acquiring all necessary equipment, property, and installations therefor, which bonds will be general obligations of the City, payable from ad valorem taxes to be levied and collected in the manner provided by Article VI, Section 33 of the Louisiana Constitution of 1974 and statutory authority supplemental thereto, with no estimated increase in the millage rate to be levied in the first year above the 14.5 mills currently being levied to pay other general obligation bonds of the City?