Public Finance

Municipal and School District Financing. We are bond counsel to numerous cities, counties, towns, villages, school districts and Boards of Cooperative Educational Services (BOCES) throughout New York State. 

We handle traditional general obligation bond and note issues, as well as less traditional financing vehicles such as tax-exempt equipment leases, including energy performance contracts. We also have extensive experience representing municipalities in financings through the New York State Environmental Facilities Corporation (EFC) and the United States Department of Agricultural, Rural Development.

Our bond counsel services for school districts include preparation of propositions and other authorizing proceedings, review of disclosure materials, preparation of financing documents and issuance of our approving legal opinion on the financing. We also represent our school district clients in pooled financings through the Dormitory Authority of the State of New York (DASNY).

College and University Financing. We regularly represent higher education institutions as “borrower’s counsel” in financing transactions. These financing transactions include tax-exempt and taxable bond issuance through DASNY and many different local development corporations and other conduit issuers. We frequently assist our higher education clients with post-issuance compliance questions under the federal tax law (e.g., private business use), federal securities law (e.g., continuing disclosure) and financial covenants. We also serve as bond counsel and underwriter’s counsel on financings involving colleges and universities.

Health Care Financing. We handle tax-exempt bond financings for health care facilities involving a variety of credit structures, including obligated group financings using master trust indentures and financings secured by FHA mortgage insurance, letters of credit and municipal bond insurance. 

Manufacturing and Other Exempt Facility Financing. We have served as bond counsel for a variety of bond issues on behalf of for-profit enterprises, including manufacturing facilities, solid waste disposal facilities and airport facilities.

Public Authority Financing. We represent water authorities, solid waste management authorities and other public authorities issuing revenue bonds to finance public facilities. We were bond counsel to Upper Mohawk Valley Memorial Auditorium Authority in connection with the financing of the Nexus Center, an indoor sports and recreation facility in the City of Utica.

Housing Finance. We have served as bond counsel to several local housing authorities, including the Syracuse Housing Authority and the Village of Ilion Housing Authority, in connection with the financing of low- and moderate-income residential facilities. We also represent real estate developers in connection with housing projects financed with tax-exempt bonds, providing tax and business law services to developers.

Library Financing. Bond has substantial experience with tax-exempt bond financings for public library facilities. We have served as bond counsel, underwriter counsel and/or library counsel in connection with these financings.

Bond's public finance practice provides a variety of services in addition to bond counsel, borrower’s counsel and underwriter’s counsel services in tax-exempt financing transactions. For example:

Sewer, Water and Other Special Improvement Districts. We have substantial experience representing our municipal clients in the formation of sewer districts, water districts and other special improvement districts. 

IDA Sale/Leaseback Transactions and PILOT Agreements. We have extensive experience in Industrial Development Agency (IDA) sale/leaseback or "straight lease" transactions. In these transactions, IDAs provide sales tax, real property tax and mortgage recording tax exemptions for commercial projects. We regularly represent businesses entering into IDA sale/leaseback transactions and have substantial experience negotiating and structuring payment in lieu of tax (PILOT) agreements for a wide variety of projects, including large-scale wind farms, pipelines, distribution centers, hotels and other commercial and industrial facilities. We are also transaction counsel to the Oneida County, City of Utica and Chenango County industrial development agencies, representing these entities in all of their sale/leaseback transactions. We were also transaction counsel to the Oneida County Industrial Development Agency in connection with the redevelopment of the former Griffiss Air Force Base into a business and technology park.

Distressed Bond Restructuring. Attorneys from our public finance practice work with our business restructuring, creditors’ rights and bankruptcy practice in restructuring distressed bond financings. Our work in this area has included advising clients regarding tax and securities law questions, document review and interpretation and drafting amendments to bond documents.

Public finance transactions require experience in many different areas of the law. Tax and environmental law, in particular, are two areas that impact virtually all tax-exempt bond transactions. As a full-service law firm, we are well-equipped to handle all tax and environmental issues that may arise in a financing transaction. The following is a brief description of our tax and environmental law practices.

Tax Practice Group. Bond's tax practice consists of attorneys with experience in all major areas of the tax law. Members of the tax practice assist the public finance practice on questions relating to the eligibility of projects for tax-exempt financing, private business use analysis, arbitrage issues and general compliance with the requirements of the Internal Revenue Code of 1986. Our tax services include preparing post-issuance compliance policies and counseling clients on tax questions arising after bonds are issued, to help clients maintain the tax-exempt status of their bonds. We have also represented school district and higher education clients in connection with IRS audits of outstanding tax-exempt bonds.

Environmental Law Practice Group. Every public finance transaction must address the requirements of the New York State Environmental Quality Review Act (SEQRA). Attorneys in our environmental law practice regularly advise municipalities, school districts, real estate developers and other clients on SEQRA matters. That experience is complemented by a substantial practice in environmental regulatory compliance issues that often arise in a SEQRA review.

We were counsel to Syracuse University in the case of H.O.M.E.S. v. New York State Urban Development Corporation (involving construction of the Carrier Dome), and counsel to Cornell University in the case of Ecology Action v. VanCort. These are two significant cases in the body of law interpreting SEQRA and its requirements.

Bond regularly serves as trustee’s counsel on various public finance transactions. Our services include assisting the trustee in connection with new bond issuances as well as matters related to the refunding of outstanding bonds.

Bond regularly serves as counsel to bond underwriters in public finance transactions. We have been underwriter's counsel in general obligation bond transactions as well as qualified 501(c)(3) bond, exempt facility and other types of bond issues involving many different credit structures. We are experienced in the due diligence and disclosure process that is a material aspect of public finance transactions.