Mississippi Administrative Code › Title 12 - Finance and Administration › Part 7 - Bond Advisory Division › Chapter 1 - Debt Management Policy › Rule 12-7-1.4A - Selection of Bond Counsel

Current through June 25, 2024
The State of Mississippi selects bond counsel through a
				  competitive selection process to provide bond and tax counsel services related
				  to the issuance of general obligation and revenue bonds of the State. Bond
				  counsel are expected to provide validity opinions, tax opinions, tax counsel
				  services, disclosure counsel services related to the State's preliminary
				  statement and final official statement, and additional special services as may
				  be required from time to time. It is essential that bond counsel have the
				  necessary expertise to provide an opinion that can be relied on and will be
				  able to assist the issuer in completing transactions in a timely manner.
The State Bond Commission, by and through the Mississippi
				  Department of Finance and Administration (DFA), may enter into an engagement
				  with an eligible firm to serve as bond counsel. Bond counsel will be selected
				  through a Request for Qualifications (RFQ) issued on behalf of the Commission
				  through the DFA. The RFQ will set out eligibility requirements for respondents,
				  selection process, scope of services, conditions for submitting responses,
				  proposal content, evaluation criteria, and any additional information necessary
				  for ensuring both that the highest quality bond counsel is selected and that
				  the selection process is transparent, fair, and efficient. The Bond Commission
				  shall review its relationship with bond counsel on a regular basis.
Prospective bond counsel must, at a minimum, meet the
				  following criteria:
1) Must be listed
				in the section entitled "Municipal Bond Attorneys" in the Mississippi section
				of the most recent edition of The Bond Buyer's Municipal Marketplace;
2) Must have given solo validity
				and tax opinions in municipal financing transactions since passage of the
				federal Tax Reform Act of 1986 or must have served as co-counsel in giving
				validity and tax opinions in at least four separate municipal financing
				transactions since passage of the federal Tax Reform Act of 1986;
3) In instances for which specialized tax
				advice beyond normal bond counsel services may be required, must have attorneys
				who practice full-time in the area of public finance tax law or must be able to
				identify a sufficient alternative to providing competent specialized tax
				advice;
4) In instances for which
				specialized securities law services beyond normal bond counsel services may be
				required, must have attorneys who practice full-time in the area of municipal
				securities law or must be able to identify a sufficient alternative to
				providing competent specialized municipal securities law advice;
5) Must have no relationships or activities
				that might present a conflict of interest for the State;
6) The lawyer(s) who will be primarily
				responsible for providing the legal services necessary (a) must be licensed or
				admitted to practice law in Mississippi, (b) must satisfy the requirements of
				(2) above, and (c) must agree to primarily perform the legal service requested
				in Mississippi; and
7) Must carry
				a level of malpractice insurance, including deductible, to cover errors and
				omissions, improper judgment, or negligence appropriate for the magnitude of
				the issue.
No member of the Mississippi Legislature, any elected or
				  appointed State official, or any partner or associate of any member of the
				  Legislature or any elected or appointed State official may receive any
				  compensation from any selected bond counsel which is any way related to the
				  legal services to be performed by the bond counsel.
§
										31-17-1,
				  31-18-3,
				  31-18-5,
				  31-17-153,
				  31-17-101