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Public Finance Law Group

Public Finance

The public finance lawyers at Arnstein & Lehr 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 Public Finance Legal Services

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 public finance 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.

Recent Transactions

  • May, 2016 – Arnstein & Lehr LLP served as bond counsel for the $6,535,000 Village of Orland Park, Cook and Will Counties, Illinois General Obligation Refunding Bonds, Series 2016.
  • April, 2016 – Arnstein & Lehr LLP served as bond counsel and issuer’s counsel on the $8,975,000 Village of Hoffman Estates, Cook and Kane Counties, Illinois General Obligation Refunding Bonds, Series 2016.
  • April, 2016 – Arnstein & Lehr served as purchaser’s counsel on the $47,280,000 Miami-Dade County, Florida Junior Lien Special Obligation Bonds, Series 2016A.
  • March, 2016 – Arnstein & Lehr served as bond counsel and issuer’s counsel on the $7,750,000 Town of Southwest Ranches, Florida Improvement Revenue Bond, Series 2016.
  • November, 2015 – Arnstein & Lehr served as bond counsel on the $6,725,000 City of Berwyn, Cook County, Illinois General Obligation Bonds, Series 2015B.
  • November, 2015 – Arnstein & Lehr served as special disclosure counsel on the $9,550,000 Village of Matteson, Cook County, Illinois Limited Obligation Tax Increment Revenue Bond, Series 2015.
  • October, 2015 – Arnstein & Lehr LLP served as bond counsel and issuer’s counsel on the $21,905,000 Village of Hoffman Estates, Cook and Kane Counties, Illinois Taxable General Obligation Refunding Bonds, Series 2015C.
  • August, 2015 – Arnstein & Lehr LLP served as bond counsel for the $4,475,000 Village of Orland Park, Cook and Will Counties, Illinois General Obligation Refunding Bonds, Series 2015A.
  • August, 2015 – Arnstein & Lehr LLP served as bond counsel and issuer’s counsel on the $23,415,000 Village of Hoffman Estates, Cook and Kane Counties, Illinois Taxable General Obligation Refunding Bonds, Series 2015A.
  • August, 2015 – Arnstein & Lehr LLP served as bond counsel and issuer’s counsel on the $6,125,000 Village of Hoffman Estates, Cook and Kane Counties, Illinois General Obligation Bonds, Series 2015B.
  • July, 2015 – Arnstein & Lehr served as issuer’s counsel on the Illinois Finance Authority $30,177,000 Revenue Bond, Series 2015 (North Central College).
  • June, 2015– Arnstein & Lehr LLP served as bond counsel on the County of DuPage, Illinois’ $54,635,000 Transportation Revenue Refunding Bond, Series 2015A and its $13,140,000 General Obligation Refunding Bond (Alternate Revenue Source), Series 2015B.
  • June, 2015 – Arnstein & Lehr served as bond counsel on the $31,000,000 City of Berwyn, Cook County, Illinois General Obligation Bonds (Taxable), Series 2015A.
  • March, 2015 – Arnstein & Lehr LLP served as underwriter’s counsel on the $9,940,000 Village of Wauconda, Lake County, Illinois Special Service Area Number One Special Tax Refunding Bonds, Series 2015 (Liberty Lakes Project).
  • February, 2015 – Arnstein & Lehr LLP served as bond counsel and disclosure counsel on the $8,850,000 Village of Villa Park, DuPage County, Illinois General Obligation Bonds, Series 2015.
  • January, 2015 – Arnstein & Lehr served as bond counsel on the $9,985,000 Community College District Number 504, County of Cook and State of Illinois General Obligation Bonds (Alternate Revenue Source), Series 2015.

For More Information, Contact the Public Finance Chair

James Durkin - Contact
Joe Ourth - Contact

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