Public Finance

At Arnstein & Lehr’s Public Finance Practice Group, we serve our clients in a variety of roles in public offerings and private placements of tax-exempt and taxable bond issues.

We provide counsel to clients who are specifically seeking public financing counsel, and we advise clients who may not realize that their new facilities or expansion projects are eligible for public financing. Working closely with our colleagues in our Commercial Real Estate Finance Transactions Practice Group, we can help our clients to explore and negotiate all available public finance options, along with other state and local tax and development incentives.

We guide our clients through the necessary approval procedures and explain the intricate rules relating to tax-exempt public financing.

The attorneys in our Public Finance Practice Group have represented numerous municipalities, underwriters and borrowers of bond proceeds. We also have considerable experience representing banks that are providing credit enhancement or are purchasing bonds directly, as well as banks that are acting as trustee on behalf of the bondholders. Because our attorneys have represented each of the different parties that make up bond transactions, we understand their individual interests, needs and concerns and can help to bring the transaction to a successful closing.

Our attorneys have acted as bond counsel, issuer’s counsel, underwriter’s counsel, credit enhancer’s counsel, borrower’s counsel, trustee’s counsel and bank purchaser counsel for the issuance and sale of all types of public financings, including:

  • General obligation bonds
  • Industrial development revenue bonds
  • Special service area bonds
  • Bonds for 501(c)(3) organizations
  • Tax increment financing
  • Health care financings
  • Single and multifamily housing financings

Bond Counsel
As bond counsel, we advise clients on how to ensure that transactions are tax-exempt at issuance and how to maintain tax-exempt status through post-closing compliance actions. By reviewing relevant law, by participating actively in the approval and issuance process, and by carefully drafting and reviewing documents, we can provide thoughtful and independent assurance to our clients and to the bond purchasers that the issuance is compliant.

Underwriter’s Counsel
When serving as underwriter’s counsel in public offerings, our attorneys assist the underwriter in gathering due diligence information; preparing offering materials, such as preliminary and final official statements; preparing and negotiating the terms of the bond purchase agreement between the underwriter and the issuer, and preparing the continuing disclosure agreement to conform with the requirements of the Securities and Exchange Commission and the Municipal Securities Rulemaking Board.

Bank Counsel
Our attorneys are experienced in protecting a bank’s interest in public finance bond issues, whether the bank is providing a letter of credit as credit enhancement for a publicly offered bond issue or whether the bank is purchasing the issue directly for its own portfolio. For credit enhancement deals, we negotiate and prepare the reimbursement agreement and prepare the letter of credit according to the form required by the bond documents. For direct purchase transactions, we prepare the bond and loan agreement. In both cases, we prepare mortgages, guaranties and other security documents and review any real estate matters to make certain that the bank’s interests in its collateral has been properly secured.

Issuer’s Counsel
Our Public Finance attorneys have represented state and local issuers of bonds, such as the Illinois Finance Authority, in a variety of bond-financed projects. On behalf of the issuers, we not only provide an opinion letter regarding the authorization, execution and delivery of the bonds and related documents, but also take an active role in advising the issuer about the proposed project and advocating its interests during the negotiation of the bond documents.

Borrower’s Counsel
Our attorneys have assisted both nonprofit organizations and corporate and limited liability entities with all aspects of bond financing. We have helped our clients navigate through the often complex rules governing tax-exempt bonds and have represented the borrower’s interests throughout the bond issuance process.

Transactions

  • December 2013 – Arnstein & Lehr served as bond counsel on the $9,610,000 Community Unit School District Number 40, Rock Island County, Illinois $9,610,000 General Obligation School Bonds, Series 2013A
  • December 2013 – Arnstein & Lehr served as tenant’s counsel on the $9,750,000 Village of Rantoul Tax Increment Revenue Bonds (Evans Road), Series 2013B.
  • November 2013 – Arnstein & Lehr served as bond counsel on the $5,705,000 City of Berwyn, Cook County, Illinois General Obligation Bonds, Series 2013A.
  • October 2013 – Arnstein & Lehr served as underwriter’s counsel on the $5,260,000 Certificates of Participation Evidencing Proportionate Interests in Payments to be made with respect to a Tax Increment Allocation Revenue Note (Pullman Park Development, LLC/Chicago Neighborhood Initiatives, Inc. Redevelopment Project), Tax Exempt Series A.
  • October 2013 – Arnstein & Lehr served as bond counsel on the $9,800,000 Community Unit School District Number 40, Rock Island County, Illinois Debt Certificates, Series 2013.
  • June 2013– Arnstein & Lehr served as issuer’s counsel on the $2,659,800 Town of Southwest Ranches, Florida Refunding and Improvement Revenue Bond, Series 2013
  • June 2013 – Arnstein & Lehr served as bond consel on the $29,899,257 Village of Bolingbrook, Will and DuPage Counties, Illinois General Obligation Refunding Bonds, Series 2013A.
  • April 2013 – Arnstein & Lehr served as disclosure counsel on the $18,000,000 Village of Orland Park, Cook and Will Counties, Illinois Taxable General Obligation Refunding Bonds, Series 2013A and the $2,000,000 Village of Orland Park, Cook and Will Counties, Illinois Taxable General Obligation Refunding Bonds, Series 2013B.
  • December 2012 – Arnstein & Lehr served as disclosure counsel on the $18,000,000 Village of Orland Park, Cook and Will Counties, Illinois Taxable General Obligation Refunding Bonds, Series 2012B and the $2,000,000 Village of Orland Park, Cook and Will Counties, Illinois Taxable General Obligation Refunding Bonds, Series 2012C.
  • December 2012 – Arnstein & Lehr served as bond counsel on the $6,745,000 Village of Forest Park, Cook County, Illinois General Obligation Refunding Bonds (Alternate Revenue Source), Series 2012.
  • November 2012 – Arnstein & Lehr served as bond counsel on the $8,500,000 General Obligation Bonds, Series 2012A of the City of Berwyn, Cook County, Illinois.
  • November 2012 – Arnstein & Lehr served as underwriter’s counsel on the $6,655,000 Limited Obligation Tax Increment Revenue Bonds, Series 2012 (Route 25 South Redevelopment Project) Village of East Dundee, Kane and Cook Counties, Illinois.
  • October 2012 – Arnstein & Lehr served as bond counsel on the $925,000 Taxable Limited School Bonds, Series 2012A and the $1,270,000 Limited Refunding School Bonds, Series 2012B of School District Number 94, Cook County, Illinois (Komarek School).
  • September 2012 – Arnstein & Lehr served as bond counsel on the $9.05 million Village of Orland Park, Illinois General Obligation Refunding Bonds, Series 2012A.
  • August 2012 – Arnstein & Lehr served as bond counsel on the $2.48 million Brookfield-North Riverside Water Commission Water Revenue Refunding Bonds, Series 2012.
  • May 2012 – Arnstein & Lehr served as underwriter’s counsel on the $5.5 million City of Markham, Illinois, General Obligation Bonds, Series 2012.
  • May 2012 – Arnstein & Lehr served as borrower’s counsel on the $3 million Illinois Finance Authority Educational Facility Revenue Bonds (Wolcott School Project), Series 2012.