Polsinelli’s Public Finance attorneys have a reputation built on innovative work in a wide range of projects financed with public securities for municipal or private borrowers. We regularly serve in all the principal public finance capacities, including as bond, disclosure, borrower’s, tax, underwriters’ and trustee’s counsel in connection with the issuance of billions of dollars of public securities and hundreds of financings for states, cities, local agencies, borrowers, investment banks and trustees.
We are known for understanding our clients’ business and having a deep knowledge of the industry we serve, as well as strong working relationships with major public finance market participants and extensive experience with a variety of sophisticated transactions.
Our attorneys have a wide range of experience in financing facilities for public airports, ports, high-speed rail, water systems, power systems, correctional facilities, economic and industrial development, pollution control facilities, health care facilities, schools and public improvements. We advise airports, ports, high-speed rail, water systems, power systems, schools, hospitals and other public infrastructure clients. Our practice has developed a working knowledge of infrastructure financing and operations, concession agreement structures, leases and permits, the relevant marketplaces, regulations, Federal grants, environmental issues, real estate issues, labor issues, and revenue sources unique to each of these industries.
Our nonprofit finance attorneys, with national reputations in tax-exempt finance, have served as bond, underwriter, tax, bank and borrower counsel in over 500 transactions aggregating in excess of $40 billion. Over the past two decades, our nonprofit finance attorneys have completed transactions in nearly every state as well as Puerto Rico. We provide comprehensive counsel on the unique aspects of tax-exempt finance transactions, including master indenture and other security structures, Canon and nonprofit law implications, securities law and rating agency requirements, and tax limitations on transaction structures. In addition to tax-exempt financings, we regularly advise clients on other ways that they can access capital, including institutional lending, private placements and new market tax credits, among others. We have extensive experience structuring tax-exempt transactions for our nonprofit clients through a wide variety of vehicles. Drawing on our experience representing clients on various sides of tax-exempt financing transactions, including large, multi-state and regional health systems, community health care providers, critical access hospitals, cultural and educational facilities, national and regional investment banking firms and credit and liquidity providers, we have established an extensive network of relationships with most of the major participants in the nonprofit finance field. Our experience enables us to provide exceptional service to our clients in structuring and implementing complex tax-exempt financing transactions.
Disclosure and Securities Counsel
Our Public Finance practice is also recognized as leading disclosure and securities counsel, providing essential disclosure and due diligence counsel, assisting issuers, conduit borrowers and underwriters meet their securities obligations in connection with initial and continuing disclosure. We have been selected to serve as disclosure and securities counsel in connection with a number of sophisticated and complicated new credit transactions and take an active approach in identifying and addressing potential disclosure issues.
Post Issuance Compliance
We are an industry leader in helping public finance market participants with post-issuance compliance and enforcement issues, including arbitrage rebate, continuing disclosure, investment placement and management, financial and operating covenant compliance, program administration, IRS audits, SEC investigations, defaults, bankruptcies, restructuring and workouts. Polsinelli advises issuers and counterparties regarding investment agreements, repurchase agreements or similar investment vehicles delivered where bond proceeds are being invested by the trustee. Polsinelli represents trustees in default and workout situations. Polsinelli is also active with respect to derivatives, interest rate swaps and related instruments for tax-exempt securities in the primary and secondary markets.
Bank Trustee Counsel
Polsinelli represents national banks regarding corporate trust matters for municipal securities issues, negotiating financing documents regarding the trustees' duties and obligations and indemnifications. We also serve as counsel to letter of credit banks and liquidity providers, and counsel broker-dealers and municipal advisors with respect to compliance with rules of the Municipal Securities Rulemaking Board.