PUBLIC FINANCE

Tax-Exempt Debt
Our attorneys serve as bond counsel, underwriter’s counsel, bank counsel, borrower’s counsel and corporate trustee counsel in connection with numerous tax-exempt financings for:

• Commercial and industrial facilities
• Educational facilities
• Port facilities
• Rental housing projects
• Hospitals, nursing homes, life care facilities and other 501(c)(3) organizations

We have delivered approving legal opinions in connection with current refundings, advance refundings and new money issues for construction of new facilities as well as the acquisition and renovation of existing projects. Tax-exempt debt has involved fixed-rate, variable rate and credit enhanced bonds and, most recently, multi-modal tax-exempt commercial paper. We have extensive experience in dealing with the national rating agencies and we have made presentations on behalf of our clients to obtain ratings of various issues of tax-exempt debt.

We have acted as counsel to several national banks as underwriters or placing agents of various types of tax-exempt securities. We have acted as counsel to numerous national and state banks in connection with the issuance of stand-by and direct pay letters of credit securing tax-exempt bonds to finance real estate-related projects. This firm also led the way in structuring the issuance of tax-exempt bonds by redevelopment and housing authorities in neighboring cities to finance moderate-income housing projects in Virginia Beach, Virginia.

We have worked with all of the provisions of the Internal Revenue Code pertaining to tax-exempt obligations, and are experienced in arbitrage yield restrictions and arbitrage rebate, hedge bonds prohibitions, qualified private activity bonds and the direct purchase of tax-exempt bonds by banks. We have a working knowledge of relevant federal and state securities laws and the impact of issuers of tax-exempt securities and investment bankers brought about by the Securities and Exchange Commission Rule 15(c)2-12.

Taxable Obligations
We also have extensive experience in the issuance of publicly-sold taxable obligations. We are familiar with the nuances of federal and state securities laws applicable to taxable securities issued both by political subdivisions and directly by private entities. The firm has been active in developing innovative financing techniques in view of the restrictions imposed by the Tax Reform Act of 1986. Attorneys practicing in this area continue to stay abreast of new matters and new financing techniques through their memberships in the National Association of Bond Lawyers and other professional organizations.

Public/Private Partnerships
With budgetary constraints becoming more prevalent for our towns, cities and counties, many opportunities present themselves for reaping success through public/private initiatives and joint ventures. Our attorneys have implemented a number of such combinations involving private enterprise and governmental units within the Hampton Roads region. These developments have ranged from a 600-car, multi-level parking garage to a 20,000-seat world-class amphitheater. Several of the firm’s attorneys have leveraged their civic acquaintances and professional relationships for the mutual good of local government and the interest of the firm’s clients.

previous / top / next