Tennessee § 12-3-103 - Requirements of professional persons or groups providing fiscal agent, financial advisor, advisory or consultant services covered by this part.

§ 12-3-103. Requirements of professional persons or groups providing fiscal agent, financial advisor, advisory or consultant services covered by this part.

Contracts for legal services, fiscal agent, financial advisor or advisory services, educational consultant services, and similar services by professional persons or groups with high ethical standards, shall not be based upon competitive procurement methods, but shall be awarded on the basis of recognized competence and integrity. The prohibition against competitive procurement in this section shall not prohibit any entity enumerated from interviewing eligible persons or entities to determine the capabilities of such persons or entities. Any person providing fiscal agent, financial advisor or advisory services covered by this part shall perform such services only pursuant to a written contract specifying the services to be rendered, the costs of the services, and the expenses to be covered under such contract. Any person providing fiscal agent, financial advisor or advisory services covered by this part who desires to respond, directly or indirectly, on any bonds, notes or other obligations of such entity sold pursuant to public, competitive sale shall receive in writing prior to the sale the permission of such entity to respond either directly or indirectly on the obligations. For the purposes of this section, “providing fiscal agent, financial advisor or advisory services” means a relationship that exists when a person renders, or enters into an agreement to render, financial advisory or consultant services to or on behalf of an issuer with respect to a new issue or issues of municipal securities, including advice with respect to the structure, timing, terms and other similar matters concerning such issue or issues, for a fee or other compensation or in expectation of such compensation for the rendering of such services. A financial advisory relationship shall not be deemed to exist when, in the course of acting as an underwriter, a municipal securities dealer renders advice to an issuer, including advice with respect to the structure, timing, terms and other similar matters concerning a new issue of municipal securities. Acts 2013, ch. 403, § 10. Compiler's Notes. For the disposition of sections in title 12, ch. 3, as amended by Acts 2013, ch. 403, effective July 1, 2013, please see the table of disposition in § 12-3-101 . Former title 12, ch. 3, part 1, §§ 12-3-101 — 12-3-133 (Williams, §§ 370.11, 370.27, 370.31, 370.32, 370.37, 370.39, 370.40); impl. am. Acts 1957, ch. 4, § 1; impl. am. Acts 1959, ch. 9, § 5; impl. am. Acts 1961, ch. 97, § 5; Acts 1969, ch. 115, § 1; impl. am. Acts 1969, ch. 302, § 1; Acts 1971, ch. 405, § 1; impl. am. Acts 1972, ch. 543, § 7; Acts 1973, ch. 144, § 4; 1973, ch. 216, § 1; 1973, ch. 320, § 4; 1975, ch. 60, § 1; 1976, ch. 601, § 1; 1976, ch. 776, §§ 1, 2; 1977, ch. 437, § 1; 1978, ch. 932, § 3; T.C.A. (orig. ed.), §§ 12-309, 12-328, 12-329, 12-333, 12-334, 12-336; 12-337, 12-3-123 , 12-3-124 , 12-3-128 , 12-3-131 , 12-3-132 ; Acts 1980, ch. 741, § 4; T.C.A., § 12-3-130 ; Acts 1981, ch. 332, §§ 16, 17; 1986, ch. 896, § 1; 1987, ch. 337, § 17; 1995, ch. 305, § 97; 1996, ch. 682, § 1; 2003, ch. 288, § 1; 2009, ch. 106, § 5; 2010, ch. 694, § 1; 2010, ch. 1098, § 2; 2011, ch. 295, §§ 5, 19; 2012, ch. 731, § 1) was repealed and reenacted by Acts 2013, ch. 403, §§ 8-12, effective July 1, 2013. Former title 12, chs. 3 and 4 were recodified by Acts 2013, ch. 403, effective July 1, 2013. In the recodification, some provisions similar to former § 12-4-106 were transferred to this section. Former §§ 12-3-108 — 12-3-132 were transferred in 1981. Acts 2013, ch. 403, § 83 provided that the act, which repealed and reenacted this part, shall apply to contracts entered into or renewed on and after July 1, 2013.