Minnesota Legislature
HF 2124
as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am
Bill Text Versions
| Engrossments | ||
|---|---|---|
| Introduction | Posted on 03/29/2005 |
Current Version - as introduced
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A bill for an act
relating to ethics in government; prohibiting state
agencies and authorities that issue bonds and
political subdivisions from interacting with a
third-party consultant with respect to engaging a firm
to provide bond underwriting services; proposing
coding for new law in Minnesota Statutes, chapters
16A; 475.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Section 1.
new text begin
[16A.628] INTERACTING WITH THIRD-PARTY
CONSULTANTS FOR AN UNDERWRITING FIRM.
new text end
new text begin
When seeking bond underwriting services, any agency or
authority of the state that issues bonds must deal directly with
the principals of a potential underwriting firm or its lobbyists.
Any agency or authority of the state that issues bonds must not
communicate, negotiate, or otherwise interact with any
third-party consultant regarding possible engagement of a firm
to provide bond underwriting services. A firm seeking to
provide bond underwriting services to any agency or authority of
the state must provide certification that the firm has not
employed or retained, directly or indirectly, any consultant who
will be paid on a contingency basis if the agency or authority
engages the firm to provide bond underwriting services. Every
contract and bid application and specification must contain a
statement that compliance with this section is a material term
and condition of the contract for bond underwriting services.
Notwithstanding the provisions of this section, an agency or
authority of the state that issues bonds may enter a contract
for bond underwriting services that does not comply with this
section to the extent required by federal law or if the
commissioner of finance determines that a public exigency
requires the agency or authority to enter such a contract.
new text end
Sec. 2.
new text begin
[475.601] INTERACTING WITH THIRD-PARTY
CONSULTANTS FOR AN UNDERWRITING FIRM.
new text end
new text begin
When seeking bond underwriting services, a municipality
must deal directly with the principals of a potential
underwriting firm or its lobbyists. A municipality must not
communicate, negotiate, or otherwise interact with any
third-party consultant regarding possible engagement of a firm
to provide bond underwriting services. A firm seeking to
provide bond underwriting services to a municipality must
provide certification that the firm has not employed or
retained, directly or indirectly, any consultant who will be
paid on a contingency basis if the municipality engages the firm
to provide bond underwriting services. Every contract and bid
application and specification must contain a statement that
compliance with this section is a material term and condition of
the contract for bond underwriting services. Notwithstanding
the provisions of this section, a municipality may enter a
contract for bond underwriting services that does not comply
with this section to the extent required by federal law or if
the governing body of the municipality determines that a public
exigency requires the municipality to enter such a contract.
new text end