ATLANTA -- The Louisiana <
State Bond Commission has named Foley & Judell and Kutak Rock bond counsel for state debt issues.
The firms, whose appointment <
became effective last Thursday, will remain bond counsel until July 1, 1993, according to Rae Logan, the commission's director. The state has been without bond counsel since it sold its last offering, a $230 million general obligation deal, in March.
"The choice of these firms satisfies <
our need not only to have bond counsel available for general obligation insurance, but also to have an ongoing resource for advice and consultation," Ms. Logan said.
She added that the commission <
will probably continue to choose state bond counsel on a yearly basis.
Barbara Goodson, assistant director <
of the commission, said the two firms were chosen from among nine candidates and graded with an emphasis on experience. Candidates had to have an office in the state, she said. Foley & Judell is headquartered in New Orleans. Omaha-based Kutak Rock has an office in Baton Rouge, she said.
Ms. Goodson said the bond counsel <
will be paid $0.25 per bond up to $300 million in insurance and will also be reimbursed up to $3,750 in expenses per bond issue sold.
Louisiana will probably sell about <
$200 million of new money general obligation bonds over the next fiscal year, Ms. Goodson said. The state has traditionally targeted a single yearly sale, but is considering dividing the fiscal 1993 offerings into an issue sold in the fall and a second in the spring. Fiscal 1993 begins July 1.
"We would like to routinize insurance <
so the market would get used to seeing us on a more frequent basis," Ms. Goodson said.
So far this year, Foley & Judell <
ranks first as bond counsel to Louisiana issuers, with 35 deals totaling $720.3 million, according to Securities Data Co./Bond Buyer.
Kutak Rock ranks sixth, with one <
$19.5 million offering. In 1991, Foley & Judell ranked first, with 111 issues totaling $1.65 billion, while Kutak ranked second, with four issues totaling $242.3 million.