Find Lawyers in Chicago, Illinois for Public Finance Law
Peter H. Barrow represents lenders, borrowers and third parties in the negotiation and documentation of a wide variety of commercial lending and finance transactions, including private banking, middle-market and large corporate financings, asset-based lending, public finance, secured transactions, syndicated loans, Eurodollar, multicurrency and cross-border financings, participations, debt subordinations and intercreditor arrangements. Peter has represented lenders and borrowers in debt worko...
Bruce Bonjour is former co-chair of the firm's Financial Transactions & Securitization practice and is the current chair of its Public Finance practice. Bruce has three major areas of focus: structured finance concentrating in the hospitality sector, municipal finance, serving as bond counsel as well as representing underwriters and credit enhancers, and New Markets Tax Credits. Since 1996 when he served as bond counsel for the tax exempt financing of an 800 room Hyatt Hotel located at Mc...
Jim Broeking works with nonprofit organizations and governmental agencies in accessing the capital markets, focusing his practice on the issuance of tax-exempt bonds. He represents borrowers, underwriters and banks and serves as bond counsel in structuring and documenting transactions. He also represents nonprofit organizations in affiliations and joint ventures. What do you focus on? Health Care and Senior Living Providers I work with health care and senior living providers in connection wit...
Tom Fahey advises hospitals, health systems and financial institutions on complex health care-related finance, strategy and compliance issues. Within the firm, Tom is managing partner of the Chicago office and is a member of the firm’s management committee. What do you focus on? I represent health care industry clients in the following areas: Strategic Transactions I advise health care providers on strategic issues and provide legal counsel to guide them in executing their strategies. I...
As bond and underwriter's counsel, Lewis Greenbaum advises state and local governments, nonprofits and public-private partnerships on a range of general obligation and revenue bond financings. With a public finance practice spanning more than 40 years, Lew has been involved in hundreds of high-profile public projects and public-private partnerships. Lew also advises on public finance legislation. He is the co-author of the Local Government Debt Reform Act and the Municipal Bond Reform Act, tw...
A recognized leader in public finance law, Janet Goelz Hoffman helps nonprofit organizations find a productive balance between their missions and their margins. With decades of experience, she regularly handles financings for nonprofit organizations including hospital systems, cultural and educational institutions, and continuing care retirement communities. Janet also advises nonprofit organizations on board governance and conflict of interest issues. Janet helps nonprofit clients address fi...
Julie Seymour represents and counsels banks and borrowers, including hospitals, health systems, educational and cultural institutions and long-term care providers; governmental issuers; underwriters; and trustees in connection with tax-exempt and taxable financings. Since 1990, Julie has been involved in billions of dollars of tax-exempt bond financings, including fixed and variable rate structures, as well as secured and unsecured lending transactions. What do you focus on? In my finance pra...
Gretchen Sherwood is an attorney in our Project Finance and Public Finance group, that advises nonprofit borrowers, underwriters, and banks in connection with tax-exempt and taxable financings, strategy, and compliance issues. She also represents health care entities and nonprofit organizations in connection with various corporate matters. Gretchen also serves on the firm’s Pro Bono Committee. What do you focus on? I regularly serve as underwriter’s counsel or bank counsel on fina...
Public Finance Law Definition
A public finance law practice involves all aspects of financing activities for entities or projects that can borrow on a tax-exempt basis. These entities or projects consist of a variety of governmental issuers, including states, municipalities, counties, governmental agencies, and economic development agencies; nonprofit borrowers, such as colleges, hospitals, and cultural institutions; and projects, such as student loans, affordable housing, and solid waste disposal, among others. Public finance lawyers represent issuers, underwriters, borrowers, bondholders, trustees, and other parties in connection with the issuance and holding of tax-exempt bonds. The practice includes representation in financing, tax, and general legal matters. A few law firms with public finance practices also specialize in defaults and workouts of tax exempt bonds.
There are several roles that an attorney or law firm can play in public finance, including serving as bond counsel, disclosure counsel, underwriter’s counsel, trustee counsel, and bondholder counsel.
- Bond counsel is typically retained by the issuer and provides a legal opinion that bonds have been validly issued and that the interest thereon is exempt from federal (and perhaps state) taxes, in addition to preparing and advising on the various documents relating to issuance.
- Disclosure counsel is retained by the issuer and provides advice on issuer disclosure obligations and typically prepares the official statement and continuing disclosure agreement.
- Underwriter’s counsel represents the underwriter on the purchase of a new issue of municipal securities. This includes a review of the issuer’s bond resolution and documentation, a review of the accuracy and adequacy of disclosure in the official statement, the preparation of the purchase contract for the sale of the bonds to the underwriter and the official statement, assisting the underwriter in establishing the underwriter’s due diligence, and the delivery of a “10b-5” opinion.
- Trustee counsel may play a small role at issuance, but if a deal becomes distressed, assists the trustee in navigating the complexities of the exercise of rights and remedies and capital recovery on behalf of bondholders.
In addition, bond financings bear on other areas of the law since they involve understanding the financial and operating position of issuers of securities. The issues involved in a bond financing are complex, and it is essential that the public finance attorney or law firm understand and stay up-to-date on the ever-evolving laws and regulations proposed and implemented by the Internal Revenue Service (IRS) and the Securities and Exchange Commission (SEC).
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