language to be deleted (2) new language
CHAPTER 533-H.F.No. 3136 An act relating to attorneys-at-law; prohibiting fees for public bond counsel from being based primarily on the amount of bonds sold; proposing coding for new law in Minnesota Statutes, chapter 481. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: Section 1. [481.21] [BOND COUNSEL FEES.] An attorney-at-law performing services as bond counsel for the state, a state agency, or a political subdivision of the state shall be paid a fair and reasonable attorney's fee, based on the following factors: (1) the time and labor required; (2) the experience and knowledge of the attorney; (3) the complexity and novelty of problems involved; (4) the extent of the responsibilities assumed and the results obtained; and (5) the sufficiency of assets properly available to pay for the services. The fee must not be based primarily on a percentage of the amount of the bonds or obligations sold. Sec. 2. [STUDY; REPORT.] The state auditor shall conduct a two-year study of the effect of section 1, including an evaluation of the costs and quality of services provided. The study shall include calendar years 1995 and 1996 and compare the results to calendar years 1992 and 1993. The state auditor shall report the results of the study to the legislature by November 1, 1997. Presented to the governor April 26, 1994 Signed by the governor April 28, 1994, 2:29 p.m.