Minnesota Session Laws - 1994, Regular Session

                            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.