Failure to pay any installment of assessments and interest when due or within thirty days after such due date shall have the effect of maturing all unpaid installments of assessments, and the lien on the property shall then be enforced for the interest then due and for the entire amount of all unpaid installments of assessments due and unpaid by such property, including installments for all subsequent years, with penalties on the total amount at the rate of one percent per month until paid.  If, within one year from the due date of any installment, the property owner fails to pay said interest and to pay the entire amount of the unpaid installments of assessments and penalties, the director of finance of the city of New Orleans, for the benefit of the sewerage and water board of New Orleans, shall immediately sell such property for said interest and for the entire amount of the unpaid installments of assessments due and unpaid plus penalties and costs, and the performance of such duty shall constitute an essential part of the obligation of the contract of the drainage certificates authorized to be issued by La. Rev. Stat. 33:4113.  The procedure in connection with the notice, advertisement and sale of such property shall be governed by the law applicable to the sale of real property for delinquent city taxes.  Said property so sold may be redeemed by the property owner at any time within three years from the date of recordation of the sale of the property by paying the price of adjudication, including costs and five percent penalty and interest at the rate of one percent per month until redeemed.  If the property is adjudicated to the city of New Orleans for the benefit of the sewerage and water board of New Orleans and is not redeemed within the period of three years, the city of New Orleans is hereby empowered to cause the sale of said property for a sum not less than the accrued assessment plus costs, interest and penalties, by following the procedure set forth by law for judicial sales, and such sale shall give purchaser a good and merchantable title.  Any net surplus of the sale price shall be refunded to the party or parties at interest.  At the option of the sewerage and water board it may enforce the collection of said unpaid installments of assessments and provide for the sale of said property to the same extent as in this Section is granted to the city of New Orleans.

Added by Acts 1976, No. 167, §1.