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Advisory opinion regarding whether the Code of Governmental Ethics (Code) prohibits the City of Mandeville from adding First National Bank of Commerce (FNBC) as a fiscal agent. |
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Frank Oliveri, the Director of Finance for the City of Mandeville explains that the City of Mandeville is anticipating adding additional fiscal agents to handle investable balances for the benefit of the City.
Mr. Oliveri was previously employed with FNBC and as such has a Section 409A retirement plan with FNBC. The 409A retirement plan has a set value. Further, Mr. Oliveri provided that he posses a 2% ownership interest in the Cotton Exchange Group, LLC. The Cotton Exchange Group, L.L.C., leases offices to FNBC. Additionally, Mr. Oliveri provided that he is not an Officer or Director nor does he exercise any control over the Cotton Exchange Group, L.L.C.
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La. R.S. 42:1111C(2)(d) prohibits a public servant and a legal entity in which the public servant exercises control or owns an interest, in excess of twenty five percent, from receiving any thing of economic value for services rendered to or for any person during his public service unless such services are neither performed for nor compensated by any person from whom such public servant would be prohibited by La. R.S. 42:1115A(1) or B from receiving a gift.
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Adopt the proposed advisory opinion.
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| Assigned Attorney: |
Suzanne Mooney |
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