Prior to the authorization, issuance, and subsequent validation of bonds issued under this article, the issuing authority shall have secured the legal services of a competent practicing attorney or firm of attorneys. However, in no instance shall the attorney’s fees paid for the issuance or refunding of such bonds exceed the following amounts, to-wit:
On all such bond issues the attorney’s fees shall not exceed one percent (1%) of the first one million dollars ($1,000,000.00); one-half percent (½%) of all over one million dollars ($1,000,000.00) and not more than two million dollars ($2,000,000.00); and one-fourth percent (¼%) of all amounts in excess of two million dollars ($2,000,000.00).
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