§ 57-1-31. Compensation of attorneys employed in issuance of bonds.
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/ms/title-57-planning-research-and-development/in-general/57-1-31·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The board of supervisors of any county, or the governing authorities of any municipality or other political subdivision, shall have the power, in its discretion, to pay reasonable compensation to attorneys who may be employed by it in the matter of the issuance of bonds authorized to be issued by the provisions of this chapter, the drafting of all orders and resolutions in connection therewith, and passing upon the validity thereof. However, in no instance shall the attorney’s fees paid for the issuance or refunding of such bonds exceed the following amounts, to-wit:
On all such bond issues the attorney’s fees shall not exceed one percent (1%) of the first five hundred thousand dollars ($500,000.00); one-half percent (1/2%) of all over five hundred thousand dollars ($500,000.00) and not more than one million dollars ($1,000,000.00); and one-fourth percent (1/4%) of all amounts in excess of one million dollars ($1,000,000.00).
As used in this section, the term “municipalities” shall be construed to include any political subdivision of this state authorized to issue bonds under the authority contained in this chapter.
The limitations imposed herein shall not apply to any bond issue upon which a declaration of intent to issue bonds has heretofore been spread upon the minutes of the political subdivision desiring to issue same.