Senate Bill 2870

AN ACT TO AMEND SECTION 31-13-1, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT THE ATTORNEY GENERAL OF THE STATE OF MISSISSIPPI SHALL BE THE STATE BOND ATTORNEY; TO CREATE A NEW CODE SECTION TO PROVIDE THAT ATTORNEYS AND PROFESSIONALS HIRED BY THE STATE AND GOVERNING AUTHORITIES TO PERFORM SERVICES ASSOCIATED WITH THE ISSUANCE OF BONDS SHALL ENTER INTO A PROFESSIONAL SERVICE CONTRACT; 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. Any reference in law to the "State Bond Attorney" shall mean the Attorney General.

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 any governing authorities, as defined in Section 31-7-1, shall require that the attorneys and professionals enter into a professional service contract which clearly sets out the scope and elements of work to be performed for the state or any governing authorities. All attorneys and professionals so contracted shall provide the state or any governing authorities with itemized statements of services rendered as a pre-condition to payment for services. The statements shall clearly show the hours of work performed and the fee chargeable for the work performed. The statements shall be required for all contracts even if the terms of the contract call for the payment of a percentage of the issue.

SECTION 3. This act shall take effect and be in force from and after July 1, 2002.