12 Miss. Code. R. 7-1.4A

Current through December 10, 2024

Rule 12-7-1.4A - Selection of Bond Counsel

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.

12 Miss. Code. R. 7-1.4A

§ 31-17-1, 31-18-3, 31-18-5, 31-17-153, 31-17-101

Adopted 1/18/2017

Amended 3/23/2018