A.  Definition.  For the purpose of this Part, “privatization” shall mean the sale or divesture of any asset having an aggregate value in excess of five million dollars of any public sewerage and water board, drainage, disposal or treatment facility by any municipality to a nonpublic entity.  It shall also mean transferral to a nonpublic entity of the obligation to operate, maintain and/or manage the facility, or any portion thereof, for the benefit and on behalf of the municipality.

B.  Procedures.  Prior to entering into any contracts or agreements relative to the ownership, operation, or maintenance of any sewerage and water board sewage or water disposal or treatment facility with a nonpublic entity in the city of New Orleans the following procedures shall occur:

(1)  The public sewerage and water board shall submit a detailed written report to the Senate Local and Municipal Affairs Committee and the House Committee on Municipal, Parochial and Cultural Affairs listing the specifics of the proposed agreement, contract, or plan.  Each committee may request a hearing to discuss the proposed agreement, contract, or plan.

(2)  The public sewerage and water board shall hold citywide hearings on the proposed agreement, contract or plan.

(3)  Upon approval of the proposed agreement, contract or plan the Public Sewage and Water Board shall call an election for the purpose of seeking voter approval of the proposed agreement, contract or plan.  The proposed agreement, contract or plan shall be executed only after having been approved by a majority of the registered voters of the municipality, voting at an election held for that purpose in accordance with the Louisiana Election Code.

Acts 2003, No. 768, §1, eff. June 27, 2003; Acts 2011, 1^st Ex. Sess., No. 20, §1, eff. June 12, 2011.