La. Stat. tit. 33 § 4342
When a written and signed proposition has been made to the governing authority of any municipality or parish for the purchase, lease or other acquisition of any of the properties owned by it, and franchise for operation of same, and which written proposition shall contain a complete and detailed statement of all terms and provisions of the franchise, the governing authority may submit to the qualified electors, at a special election called for that purpose, the question of whether or not the offer made shall be accepted. Upon presentation of a petition signed by electors, qualified to vote in a number equal to twenty per cent of those who participated in the last preceding election held in the parish or municipality, requesting the governing authority to accept any proposition made to it for the purchase or lease of any of the revenue producing municipal properties and franchise for its operation, the governing authority within fifteen days after the delivery of the petition to them or to their clerk, shall call a special election within fifty days of the date of filing the petition, at which they shall submit to the qualified electors the question of whether or not the offer made shall be accepted.
Every proposition to purchase, as herein provided, shall be accompanied by a certified check for ten thousand dollars, as a guaranty of good faith, which check shall be forfeited to the municipality or parish, in event the proponent, if its proposition be accepted, does not comply with and consummate the offer.
La. R.S. § 33:4342