CHICAGO -- Gov. Arne Carlson of Minnesota last week signed into law a measure that requires state and local government issuers to pay bond counsel fees based on factors other than a percentage amount of a bond issue.

The measure requires "payment of fair and reasonable" bond counsel fees, based on time, labor, knowledge, and experience. Issuers also must consider the complexity and novelty of a bond issue, a bond counsel's responsibilities, results of a bond sale, and the amount of an issuer's assets, according to the law.

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