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Public Finance Law Group

Public Finance

The lawyers in Arnstein & Lehr’s Public Finance Practice Group serve our clients in a variety of roles in public offerings and private placements of tax-exempt and taxable bond issues and other obligations of Illinois and Florida issuers.

Our attorneys have acted as bond counsel, issuer’s counsel, underwriter’s counsel, disclosure 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
  • Alternate Revenue bonds
  • Current and advance refunding bonds
  • Private activity bonds such as industrial development revenue bonds
  • Special service area bonds
  • Bonds for community colleges, school districts, museums or 501(c)(3) organizations
  • Tax increment financing

We provide counsel to those clients who are specifically seeking public financing counsel, but we also advise other clients who may not realize that their new facilities or expansion projects are eligible for public financing. We help our clients to explore and negotiate all available public finance options, along with other state and local tax and development incentives, such as tax increment financing, enterprise zones and tax credits.

We guide our clients through the necessary approval procedures under applicable state or local law. We keep up to date with the latest regulations from the Internal Revenue Service, the Securities and Exchange Commission and the Municipal Securities Rulemaking Board in order to explain and educate our clients on the intricate tax and securities 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, particularly with respect to troubled bond issues. We help municipal advisors on their compliance with Municipal Securities Rulemaking Board rules.

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 use that experience to help bring the transaction to a successful closing.

Our Public Finance Legal Services

 

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, by asking questions of the issuer, 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, either at or following the issuance of the bonds. In both cases, our bond lawyers and lending lawyers work together to help our bank clients protect their interests. We also provide counsel to banks acting as bond trustee under trust indentures for bond issues that are experiencing difficulties or are being worked out.

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 in Illinois and Florida. 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.

Disclosure Counsel

We also serve as disclosure counsel services for our issuer clients in order to assist them on providing relevant information in official statements or other offering documents. Through questionnaires and due diligence conference calls, we help our clients craft appropriate disclosure in offering documents and in post-closing continuing disclosure undertakings.

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.

Recent Transactions

  • February, 2017 – Arnstein & Lehr LLP served as purchaser’s counsel on the purchase of the $5,000,000 Illinois Finance Authority Variable Rate Revenue Bonds, Series 2016D (The Moorings of Arlington Heights).
  • January, 2017 – Arnstein & Lehr LLP served as issuer’s counsel on the $20,000,000 Illinois Finance Authority Revenue Bond, Series 2017 (Oak Park Residence Corporation Project).
  • December, 2016 – Arnstein & Lehr LLP served as issuer’s counsel on the $20,200,000 Illinois Finance Authority Revenue Refunding Bond, Series 2016 (Elmhurst College).
  • November, 2016 – Arnstein & Lehr served as bond counsel on the $20,155,000 City of Berwyn, Cook County, Illinois General Obligation Bonds, Series 2016A.
  • October, 2016 – Arnstein & Lehr LLP served as bond counsel for the $5,800,000 United City of Yorkville, Kendall County, Illinois General Obligation Refunding Bonds (Alternate Revenue Source), Series 2016.
  • September, 2016 – Arnstein & Lehr LLP served as bond counsel for the $1,600,000 Village of Sherman, Sangamon County, Illinois General Obligation Debt Certificates, Series 2016.
  • August, 2016 – Arnstein & Lehr LLP served as underwriter’s counsel for the $9,990,000 Village of Hodgkins, Cook County, Illinois Taxable General Obligation Bonds, Series 2016.
  • August, 2016 – Arnstein & Lehr LLP served as underwriter’s counsel for the $7,400,000 Certificates of Participation Evidencing Proportionate Interests in Payments to be made with respect to a Tax Increment Allocation Revenue Note (North Pullman Chicago Neighborhood Initiatives, Inc. Redevelopment Project – Whole Foods Warehouse and Distribution Facility), Tax-Exempt Series A.
  • June, 2016 – Arnstein & Lehr LLP served as bond counsel for the $1,300,000 City of Blue Island, Cook County, Illinois General Obligation Bond (Alternate Revenue Source), Series 2016.
  • June, 2016 – Arnstein & Lehr LLP served as bond counsel for the Village of Burlington, Kane County, Illinois $300,000 General Obligation Bond (Alternate Revenue Source), Series 2016.
  • 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.

For More Information, Contact the Public Finance Chair

James Durkin - Contact
Joe Ourth - Contact

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