Practice Areas & Industries: Holland & Knight LLP

Practice/Industry Group Overview

Public Finance

Holland & Knight has participated in governmental debt issues since the 1960s and has served as bond counsel, underwriters' counsel, disclosure counsel or in other capacities for more than $25.25 billion in principal amount of debt over the last five years, including more than $7.48 billion as bond counsel or co-bond counsel, $14.07 billion as underwriters' counsel or co-underwriters' counsel and $1.76 billion as disclosure counsel or co-disclosure counsel. Holland & Knight has consistently ranked among the top bond and underwriters'/disclosure counsel firms in the U.S. based on principal amount of bonds issued, according to statistics compiled by Thomson Financial Securities Data. We have also been listed in The Bond Buyer's Municipal Marketplace (the "Red Book") since 1975.

We have served as bond counsel, disclosure counsel or underwriter's counsel in connection with virtually every type of governmental issue by state, county and local bond issuers, including general obligation, lease revenue (both bonds and certificates of participation), project or enterprise fund revenue, sewer revenue, special assessment, special and excise tax, tax increment, tax anticipation and revenue anticipation financings. Our attorneys have served as bond counsel, disclosure counsel or underwriter's counsel for issues by such special purpose governmental entities as aviation and port authorities, correctional institution authorities, health care authorities, housing finance authorities, industrial development authorities, redevelopment agencies and special taxing districts. We have also participated in numerous airport, educational, health care, hospital, local district heating or cooling, manufacturing, pollution control, single family and multifamily housing, solid waste disposal and sports facility financings in a variety of roles.

Our Public Finance Department is staffed with more than 30 attorneys across the U.S. who devote all or a substantial portion of their practice to bond-related matters. They have served as bond counsel, underwriters' counsel, disclosure counsel, issuers' counsel or otherwise participated in municipal finance transactions in Alabama, California, the District of Columbia, Florida, Georgia, Illinois, Iowa, Maryland, Massachusetts, Mississippi, New York, North Carolina, Pennsylvania, Texas, Virginia and many other jurisdictions.

Derivative Products Experience and Capabilities We have extensive experience in assisting governmental issuers and conduit borrowers as well as corporate clients in structuring, negotiating and documenting a wide range of derivative products. Our attorneys have advised governmental counterparties of the risk factors and potentially unexpected consequences of derivative products and negotiated complex ISDA documents to reduce or minimize those risks.

We have also worked with derivative products in other public finance scenarios, including the use of derivatives as credit enhancement or liquidity facility alternatives and the application of derivatives in combination with secondary market programs like tender option bond (TOB) trusts and custodial receipt programs. Our lawyers have represented government affiliated utilities with respect to commodity swaps, options and traditional or prepaid forward agreements to manage the price risk of natural gas and other inputs or outputs. While presently less common in the public finance arena, we also have substantial knowledge of currency, credit, bond, equity and weather-related derivatives.

Our product experience encompasses interest rate and basis swaps, caps, collars, floors, forward rate agreements and swaptions (both options to terminate, and options to enter into or cash settle, swaps). These rate-related products are traditionally employed to manage interest rates or basis risk (i) on newly issued bonds or conduit loans, (ii) in connection with current or prospective refundings (including synthetic advanced refundings), or (iii) on previously issued bonds where market conditions warrant.

We also have experience in representing derivatives dealers and credit enhancers which enables us to provide valuable insights as to the potential benefits, and risks, associated with derivatives and derivatives-related transactions.

Tax Law Experience and Capabilities Six members of the firm's Tax Department are members of our Public Finance Department. These public finance tax lawyers participate in the tax structuring of bond issues on a daily basis and work hand-in-hand with other members of our Public Finance Department and our governmental and underwriter clients to develop innovative techniques and structures to meet the tax law requirements relating to tax-exempt financing and to achieve the most desirable results. Uniquely, the concentration of our public finance tax lawyers in Washington, D.C., gives the department the geographic platform and capability to serve our national practice.

Prior to entering private practice, four of our public finance tax attorneys held significant positions at the Internal Revenue Service, where they worked on many important rulings related to tax-exempt and public finance. Current members of our Public Finance Team served in the office of Chief Counsel; as Branch Chief in the IRS Office of the Assistant Commissioner (Technical); as Assistant Branch Chief; and in the Financial Institutions and Products Division of the IRS' Office of Chief Counsel.