House Bill 900

AN ACT TO AMEND SECTION 31-13-1, MISSISSIPPI CODE OF 1972, TO MAKE THE ATTORNEY GENERAL THE STATE BOND ATTORNEY; TO REQUIRE THAT ALL ATTORNEYS AND OTHER PROFESSIONALS PERFORMING LEGAL SERVICES FOR THE STATE AND ITS GOVERNING AUTHORITIES RELATIVE TO THE ISSUANCE OF BONDS ENTER INTO CONTRACTS OUTLINING THE SERVICES THEY ARE TO RENDER; TO REQUIRE SUCH ATTORNEYS TO PROVIDE ITEMIZED STATEMENTS OF SERVICES RENDERED FOR FEES; AND FOR RELATED PURPOSES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. Section 31-13-1, Mississippi Code of 1972, is amended as follows:

31-13-1. The Attorney General of the State of Mississippi shall be the State Bond Attorney and whose duties in that capacity shall be those hereinafter specified.

SECTION 2. When hiring attorneys and other professionals to perform legal, financial or other services associated with the issuance of bonds, whose opinions are necessary to satisfy bond buyers or whose assistance will assist in promoting the marketability of bonds, the State of Mississippi, and its agencies and governing authorities, as defined in Section 31-7-1, shall require that each such attorney and professional enter into a professional service contract which clearly sets out the scope and elements of work to be performed for the state, the agency or the governing authority. Before the state, or an agency or governing authority, may pay an attorney or other professional for services associated with the issuance of bonds, the attorney or professional who is a party to such a contract shall provide the state, the agency or the governing authority with an itemized statement of services rendered. Such statement shall clearly show the hours of work performed and the fee chargeable for the work performed. This requirement shall apply to all professional service contracts regardless of whether the terms of the contract call for the payment of a percentage of the amount of the bonds issued.

SECTION 3. The provisions of Section 2 of this act shall be codified in Chapter 13, Title 31, Mississippi Code of 1972.

SECTION 4. This act shall take effect and be in force from and after July 1, 2002.