New Orleans Municipal Trust Fund.

New Orleans Home Rule Charter, art. VI, § 6-307

in effect

Section 6-307. - New Orleans Municipal Trust Fund. (1) Notwithstanding the provisions of Section 6-306 of this Chapter, all net proceeds resulting from a sale of any immovable property owned by the City having a sale price of more than five million dollars, including but not limited to the New Orleans International Airport, shall be placed in an expendable trust fund to be designated as the New Orleans Municipal Trust Fund. Specific donations or bequests to the New Orleans Municipal Trust Fund shall also be placed in the fund. The Council may from time to time appropriate additional funds to be placed in the Municipal Trust Fund. No appropriations shall be made from the fund except in accordance with paragraph (2) of this section. (2) The Council may by ordinance make appropriations from the New Orleans Municipal Trust Fund to the General Fund provided that the total appropriations in any fiscal year shall not exceed eighty percent of the amount reasonably anticipated to be earned on the amount contained in the fund during that fiscal year. The Council may by ordinance approved by a two-thirds vote of all its members appropriate to the Capital Projects Fund in any fiscal year up to fifty percent of the amount contained in the Municipal Trust Fund on the first day of that fiscal year. (3) The provisions of this section may be declared inapplicable to all or any portion of the proceeds of a sale of immovable property owned by the City if a resolution is adopted by affirmative vote of not less than two-thirds of the membership of the Council which states the Council's determination that: (a) The immovable property was used for an essential public service, such as sewerage, water, drainage, recreation, port, or railroad purposes, and the proceeds from the sale are necessary to continue to provide the service, either for replacement of the property sold or for capital improvements by the City department, board or agency for whose benefit the property was used; or (b) The immovable property was used primarily for office space or other essential support of City employees or activities, and the proceeds from the sale of the property are necessary to provide for replacement of that space or support; or (c) The immovable property is or was acquired pursuant to the terms of a donation, trust, contract, or law which would preclude the deposit of the proceeds from the sale of the property into the Municipal Trust Fund. The Council shall hold a public hearing on any resolution to declare this section inapplicable to a sale of immovable property, which hearing shall be advertised in the official journal once a week during the two weeks preceding the public hearing. (4) If the City disposes of immovable property by means of an exchange of property with additional cash compensation to the City, and the total value of the property and cash exceeds five million dollars, the provisions of this section shall apply to the cash proceeds of the transaction. (5) Despite its name, the Municipal Trust Fund shall not be subject to the provisions of Chapter 18 of Article IV of this Charter. However, conditional donations to the Municipal Trust Fund shall be subject to the provisions of Chapter 18 of Article IV of the Charter.

Source: City of New Orleans, Code of Ordinances and Home Rule Charter (Municode Library, library.municode.com)URL: https://library.municode.com/la/new_orleans/codes/code_of_ordinances?nodeId=PAI_HORUCH_ARTVIFIADPR_CH3PRDIPR_S6-307NEORMUTRFUFetched: 10/28/2026