Lawmakers last week filed legislation that would limit the amount of legal fees New Jersey pays for bond counsel services.

The measure would restrict the state, municipalities, and authorities from paying more than 1% of the principal amount of a bond transaction to law firms working on the deal, with fees not to surpass $125,000. Along with the fee ceiling, the bill would require the attorney general to competitively bid for bond counsel services on bond sales totaling $1 million or more.

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