Burr & Forman’s Public Finance Practice Group is committed to the significant infrastructure needs of the ever-changing and growing Southeastern region.
At Burr & Forman, we routinely assist clients in various matters pertaining to public finance, project finance, capital markets and P3 financing. Our public finance practice group focuses on clients involved in the public debt capital markets in the United States and large capital finance projects involving partnerships between governments and private investors, called public-private partnerships (P3s).
Our capabilities include serving as bond, underwriters & disclosure, bank, borrowers and investors, trustees, issuer’s special tax, developer’s and special swap counterparty counsel. Our bond attorneys have been involved in hundreds of public finance transactions and have represented numerous types of clients including banks and financial institutions, health care providers and facilities, manufactures, non-profit entities, private and charter schools, private corporations, remarketing agents, school boards, special districts, state and local governments, swap counterparties, transportation authorities, trustees, underwriters and placement agents.
With experience across the board, our attorneys have dealt with many different public finance debt structures, including general obligation, revenue, variable rate and special assessment bonds, private placements, public offerings, commercial paper and tax increment financing. We also have experience with various credit enhancement and synthetic financing techniques, including bond insurance, liquidity facilities, letters of credit, interest rate swaps and forward purchase agreements.
Revenue Bond Financing
Our public finance lawyers are able to assist clients in the structuring of tax-exempt and taxable bonds for private nonprofit or for-profit companies.
Public Finance Credit Enhancement/Direct Purchase
With expertise in all necessary areas, our attorneys provide effective representation to credit enhancers and direct purchasers of government obligations, such as banks, insurance companies, pension funds, sureties or other financial institutions. In addition to reviewing the bond documents to ensure our clients’ rights are protected, our attorneys prepare and negotiate the credit, liquidity facility, direct purchase or other financing documents. The Burr team has been actively involved in drafting and submitting the following financial documents:
- Letters of credit and reimbursement agreements
- Standby purchase agreements
- Revolving credit agreements
- Pledge and collateral agreements
- Participation agreements
- Investment agreements
- Swaps and other similar agreements
- Deeds of trust and other mortgage documents
- Bond purchase agreements
- Continuing covenant agreements
Nonprofit Corporation Financing
Our team has worked with numerous nonprofit financings on behalf of cultural institutions, social service organizations and educational facilities. Some of our projects have included construction of new facilities, renovation of existing facilities and the purchase of equipment and financing of operating expenses during periods of development. Our attorneys have participated in the negotiation of financial covenants, including those with respect to meeting fund raising targets, establishing rates at particular levels and maintaining certain asset levels while maintaining awareness of the tax issues raised by certain covenants. Our attorneys have also addressed the tax issues raised by contracts for the management of certain areas of a project (such as the dining and retail space) by a for-profit entity and leasing of space in the project to other unrelated not-for-profit or for-profit entities. Our team has done work to allocate institution equity to those portions of a project most likely to be used by for-profit entities.
Continuing Disclosure
Burr’s public finance attorneys have assisted issuers, underwriters and other obligated persons in complying with S.E.C. Rule 15c2-12, which requires issuers of most bonds, or certain other "obligated persons," to agree in writing, at the time the bonds are issued, to provide continuing disclosure to the marketplace for the life of the bond issue.
