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KEMP ISD board approves Powell Law Group and Frost Brown Todd as co-bond counsel
Summary
Trustees approved a resolution retaining Powell Law Group, LLP and Frost Brown Todd, LLP to serve as co-bond counsel on a contingency basis if the district issues public securities, citing need for specialized expertise.
The KEMP ISD Board of Trustees on Feb. 3 approved a resolution to retain Powell Law Group, LLP (PLG) and Frost Brown Todd, LLP (FBT) as co-bond counsel for the district's planned bond issuance.
Trustee Sharron Rankin moved that the board "adopt and approve the resolution engaging bond counsel and executing an engagement agreement with bond counsel for the Projects," and Trustee Regina Kiser seconded. The motion passed with six trustees voting in favor and one absent.
The resolution states the firms were found to be competent and experienced in handling public securities issuance, that specialized expertise in state and federal law is required, and that the firms will be paid on a contingency basis only if the securities are approved and issued. The minutes record the board's finding that such a contingency arrangement is in the best interests of district residents.
No executive session was held on this matter. The board proceeded to adopt a separate reimbursement resolution later in the meeting.
