Public Finance

Attorneys in LeClairRyan’s Public Finance practice have extensive experience representing each of the various parties that participate in a tax-exempt or taxable financing undertaken by a governmental or quasi-governmental entity. Such projects consist of traditional public purpose projects or financing for the principal benefit of private business entities. Accordingly, we handle all aspects of tax-exempt financing transactions, and are listed on an unqualified basis as a nationally recognized bond counsel in the “Red Book.” The listing is relied upon by investors on a national basis and allows LeClairRyan to serve as bond counsel in tax-exempt financing transactions throughout the country.

LeClairRyan has served as bond counsel to state agencies, local governments, industrial and economic development authorities, housing authorities and other political subdivisions in connection with the issuance of tax-exempt and taxable governmental and private activity bonds. Our experience is broad based. Our clients include manufacturing companies, municipal governments, 501(c)(3) not for profit corporations and real estate developers that act as borrowers to finance facilities with tax-exempt private activity bonds, as well as institutional investors, underwriters, trustees and investment bankers that participate in public finance transactions. In addition, we routinely represent financial institutions as lenders and providers of credit enhancement for all varieties of bond financed projects. In our work with banks and trust companies, our services include a wide variety of trustee transactions, including those subject to the Trust Indenture Act, housing revenue bonds, sewer and water revenue bonds, and solid waste revenue bonds.

Although we are very active in the mid-Atlantic and Northeast region, our practice in the tax-exempt financing area is national in scope. We have participated in financings in over 20 states throughout the country, and are familiar with a wide variety of financing structures. We offer practical solutions to our client’s issues and questions, and are sensitive to the need to close transactions both efficiently and in a manner that accomplishes the objectives of each of the financing participants involved.

Our lawyers are particularly skilled in creating and implementing financing solutions which accommodate the specific details and economics of private tax-exempt and taxable financings for manufacturing, low-to-moderate income housing and nonprofit facilities. Our firm is active in all phases of tax-exempt financings, and in New York alone, we currently represent hundreds of municipalities, villages, and school districts in a variety of general obligation financings. We also participate in revenue bond financings and act as Bond counsel to over 20 New York Industrial Development Agencies. In addition, we have long been involved in representing each of the various tax-exempt financings for low-income housing. We have been bond Counsel to over 50 housing authorities in more than 20 states. Our extensive experience includes activity in HUD’s Section 8 refunding initiative and also extends to non-subsidized new construction and substantial rehabilitation projects involving both tax-exempt financing and the utilization of state allocated low income tax credits.

REPRESENTATIVE SUMMARIES OF ENGAGEMENTS:

• Counsel to the Virginia Resources Authority for loans made through the Virginia Water Facilities Revolving Fund and the Virginia Water Supply Revolving Fund
• Served as lender’s counsel for over one hundred thirty (130) transactions in taxable and tax-exempt loans for water and/or sewer projects for localities and other political subdivisions located across the Commonwealth of Virginia.
• Handled and/or participated in at least 25% of all of the bonds issued by the New Jersey Economic Development Authority in recent years.

• Played a leading role in the overall creation of the financing program in 2003, and have served as Bond Counsel for the issuance of tax-exempt and taxable bonds since that time.

• Played a leading role in the overall creation of the financing program in 2005, and have served as Bond Counsel for the issuance of up to $225,000,000 in tax-exempt and taxable bonds since that time.

• Created a national tax-exempt and taxable financing program for FINOVA which resulted in the acquisition of over $300 million in tax-exempt or taxable loans over a five year period.