Bill Text: MS SB2298 | 2024 | Regular Session | Enrolled
Bill Title: State Bond Attorney; revise minimum and maximum fee paid to.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Passed) 2024-05-08 - Approved by Governor [SB2298 Detail]
Download: Mississippi-2024-SB2298-Enrolled.html
MISSISSIPPI LEGISLATURE
2024 Regular Session
To: Finance
By: Senator(s) Johnson
Senate Bill 2298
(As Sent to Governor)
AN ACT TO AMEND SECTION 31-13-11, MISSISSIPPI CODE OF 1972, TO REVISE THE MINIMUM AND MAXIMUM FEE PAID TO THE STATE'S BOND ATTORNEY FOR THE VALIDATION AND ISSUANCE OF BONDS ISSUED OR PROPOSED TO BE ISSUED BY A COUNTY, MUNICIPALITY, OR OTHER DISTRICT OR SUBDIVISION OF THE STATE; TO AMEND SECTION 31-13-1, MISSISSIPPI CODE OF 1972, TO REQUIRE THE STATE BOND ATTORNEY, WHEN A CONFLICT OF INTEREST ARISES, TO NOTIFY THE GOVERNOR, LIEUTENANT GOVERNOR AND ATTORNEY GENERAL OF THE CONFLICT OF INTEREST; TO AUTHORIZE THE GOVERNOR TO APPOINT A STATE BOND ATTORNEY PRO TEMPORE; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. Section 31-13-11, Mississippi Code of 1972, is amended as follows:
31-13-11. The court costs in
all such cases shall be paid by the county, municipality, or district proposing
to issue said bonds or other written obligations, and in addition to such costs
it shall also pay to the bond attorney a fee of not more than one-tenth of one
percent (1/10 of 1%), provided said fee shall not be less than * * * Five Hundred Dollars
($500.00) nor more than * * * One Thousand
Dollars ($1,000.00), of the amount of the bonds or other obligations issued
or proposed to be issued. The payment of this fee shall be full compensation
for all legal services rendered in connection with the issuance of said bonds,
except that when the state's bond attorney attends a hearing of objection to
the validation of said bonds, his actual and necessary expenses and a reasonable
rate of compensation for attending the said hearing, as required by this
chapter, shall be taxed as a part of the costs of the validation proceedings,
upon approval by the clerk or chancellor of an itemized account of such
expenses and time expended. If objection is filed to the validation of said
bonds, then in that event the taxation of court costs, including expenses and a
reasonable rate of compensation for the bond attorney, shall be discretionary
with the chancellor, as in other cases in the chancery court, against the
issuing board or district, or the objector or objectors, or apportioned as the
chancellor may deem proper.
SECTION 2. Section 31-13-1, Mississippi Code of 1972, is amended as follows:
31-13-1. (1) The Governor, with the advice and consent of the Senate, shall appoint a qualified and practicing attorney at law, to be known as the State Bond Attorney, who shall possess the same qualifications for office as the Attorney General, who shall serve a term of office concurrent with that of the Governor or until his successor is appointed and qualified, and whose duties shall be those hereinafter specified.
(2) When the State Bond Attorney has a conflict of interest under the Mississippi Rules of Professional Conduct that is not consentable due to his or her participation in a validation of a bond, the State Bond Attorney shall immediately notify the Governor, Lieutenant Governor and the Attorney General of the conflict of interest in writing. Upon receipt of such notification, the Governor shall appoint a qualified and practicing attorney-at-law as the State Bond Attorney Pro Tempore, who shall possess the same qualifications for office as the Attorney General, who shall serve a term of office, the duration of which shall be for the sole and limited purpose of reviewing the proposed bond issue validation that is the subject of the conflict of interest and acting upon the same. Upon issuance of the Opinion of the State Bond Attorney Pro Tempore and the conclusion of participation in any validation proceeding or contest, the powers vested in the State Bond Attorney Pro Tempore shall be vacated.
SECTION 3. This act shall take effect and be in force from and after July 1, 2024.
