The New Orleans City Council on Thursday overrode Mayor LaToya Cantrell’s bid to halt a $5 million deal between the city and LSU that moves city government closer to full ownership of a lucrative trust fund.

The unanimous vote means a council plan to give LSU $5 million in exchange for the university forfeiting its stake in the Wisner Trust Fund will move forward. The proceeds from the trust, which controls 40,000 acres of oil-rich land in Port Fourchon, had been divvied up between LSU, the city, the heirs of philanthropist Edward Wisner and others.

The council moved last month to pull $5 million from capital bond funds to seal the deal, but Cantrell vetoed the measure in late August when the council sent it to her desk for her signature.

“This ordinance oversteps the legal boundarie

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