Barrett
McNagny LLP's Public Finance Group represents clients involved in a wide
variety of municipal and other public finance transactions. We advise banks and
other financial institutions in their roles as lenders, trustees, credit
enhancers, or liquidity providers. We also serve as bond counsel and
underwriter's counsel on both public and private-use bond transactions. These
transactions have involved taxable and tax-exempt debt, fixed-rate obligations,
variable-rate tender option bond arrangements, revenue and grant anticipation
notes, lease structures, and certificates of participation.
Public
finance is not a discrete body of law. In addition to the public and tax law
questions inherent in any tax-exempt financing, it is not uncommon to face real
estate, environmental, bankruptcy, and litigation issues. When these arise, we
draw upon the experience of other Barrett McNagny professionals who concentrate
in these areas of law. We also use the knowledge and expertise we have gained
in our active corporate finance practice to adapt commercial financing
techniques to public finance transactions when they prove beneficial to our
clients.
Bond Counsel
We have
served as bond counsel with respect to both governmental and private-use bonds.
These transactions have ranged from traditional public financings, such as
general obligation, tax increment financing, sewer, and other system revenue
bond issues, to complex conduit transactions, such as economic development,
multi-family housing, and qualified 501(c)(3) bonds. We have employed various
structures, including variable rates, tender options, and lower floaters, with
credit enhancements consisting of domestic and international letters of credit
and bond insurance.
Underwriter's Counsel
As
underwriter's counsel, we have worked on both public and private-use bond
transactions. These transactions have involved fixed-rate obligations,
variable-rate tender option bond arrangements, lease structures, and
certificates of participation.
Letters of Credit
A
substantial portion of Barrett McNagny's public finance practice is devoted to
representing banks providing credit enhancement. Our attorneys have significant
experience negotiating reimbursement agreements, guarantees, collateral
agreements, and other security arrangements for banks. We have represented
banks providing credit enhancement for private activity bonds. In addition, our
representation of borrowers in private activity bond financings, for which
banks have provided credit support, enhances our ability to draft and negotiate
the relevant documents on behalf of banks.
Types of transactions
Various
types of transactions in which the Public Finance Group has been involved and
the roles it has served:
- Bond Counsel for $5.4
million, City of Fort Wayne: Variable Rate Demand Economic Development
Revenue Bonds to finance the construction of student housing for a local
university
- Bond and Underwriter's
Counsel for $5.7 million, City of Garrett, Ind.: Variable Rate Demand
Economic Development Revenue Bonds for new manufacturing facility
- Bond Counsel for $9,275,000,
Allen County, Indiana: Redevelopment District Tax Increment Revenue Bonds
of 2005
- Bond and Underwriter's
Counsel for $2.4 million, City of Kendallville, Ind.: Variable Rate
Demand Economic Development Revenue Bonds for expansion of existing
manufacturing facility.
- Bond Counsel for $830,000,
Town of Goodland, Ind.: Sewage Works Refunding Revenue Bonds
- Bond and Underwriter's
Counsel for $6.4 million, DeKalb County, Indiana: Variable Rate
Demand Economic Development Revenue Bonds for a locally based manufacturer
of concrete products
- Note and Underwriter's
Counsel for $11 million: Variable Rate Multiple Draw Taxable Demand
Notes to finance construction and equipping of a medical office building
- Bond and Underwriter's
Counsel for $4.3, Allen County, Indiana: Economic Development Revenue
Bonds to finance construction and equipping of a new YMCA branch facility
- Bond Counsel for $2
million, Town of Grabill: Economic Development Revenue Bonds to
refund existing bonds and provide new construction funding for an assisted
living facility for a 501(c)(3) organization
- Bond and Underwriter's
Counsel for $3.5 million, City of Fort Wayne: Economic Development
Revenue Bonds to finance the construction and equipping of new facilities
for local public television station
- Bond Counsel for $1,857,000,
Town of Fowler, Ind.: 2014 Waterworks Revenue Bonds, Series A and Series B
- Bond Counsel for $995,000,
Town of Otterbein, Ind.: Waterworks Utility Revenue Bonds, Series 2013
- Bond Counsel for $4,475,000,
Indiana Health Facility: Financing Authority Variable Rate Demand Revenue
Bonds to refund existing indebtedness of 501(c)(3) social service
organization
- Bond Counsel for $1,125,000,
DeKalb County, Indiana: Economic Development First Mortgage Revenue Bonds
for a local 501(c)(3) organization
- Bond Counsel for $1,460,000,
City of Fort Wayne: Municipal lease for a fire station
- Underwriter's Counsel for
$938,000, Mooresville Consolidated School Corporation: Equipment Leases
- Bond Counsel for $3.2
million, City of Fort Wayne: Variable Rate Demand Economic
Development Revenue Bonds for a locally based manufacturer of modular
automation devices and components
- Bond Counsel for $6.2
million, City of Fort Wayne: Adjustable Rate Demand Economic
Development Revenue Bonds to finance the construction and equipping of a 52-unit
apartment expansion of an existing facility to accommodate assisted living
and independent living residents for a local 501(c)(3) organization
- Bond Counsel for $3.5, Allen
County, Indiana: Economic Development First Mortgage Revenue Bonds for a
locally based manufacturer of heating and air conditioning systems
- Bond Counsel for $2 million,
Town of Grabill, Ind.: Economic Development First Mortgage Revenue Bonds
for a 501(c)(3) organization
- Bond Counsel for $5,337,000:
Sewage Works Revenue Bonds for the Lake George Regional Sewer District
- Bond Counsel and
Underwriter's Counsel for $3,705,000, Benton County Government Center
Bldg. Corp.: First Mortgage Bonds for the Benton County, Ind., Government
Center
- Bond Counsel for $1,750,000,
Town of Winona Lake, Ind.: Economic Development Revenue Bonds for a
locally based manufacturer of recreational equipment and furnishings
- Bond Counsel for $3.3
million, City of Fort Wayne: Variable Rate Demand Economic
Development Revenue Bonds for a locally based manufacturer of precision
tooling and equipment
- Bond Counsel for $4 million, Allen County,
Ind.: Variable Rate Demand Economic Development Revenue Bonds for a
501(c)(3) organization
