La. Stat. tit. 33 § 4102
The proceeds of all sales of bonds issued under the authority of R.S. 33:4097, except refunding bonds which shall be governed by the provisions of the resolution of the Board of Liquidation, City Debt, fixing the details thereof, 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 R.S. 33:4094 with reference to disbursements of said tax funds, and shall be used solely and exclusively for the construction and extension of the sewerage, water and drainage systems of the city of New Orleans, in such proportions as to the construction and extension of each of said systems as the Sewerage and Water Board of New Orleans may determine.
La. R.S. § 33:4102