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www.nutter.com

Public Finance

Overview
Nutter attorneys have extensive experience in tax-exempt and taxable public finance transactions.  Specifically, we have experience representing underwriters, borrowers, credit providers, trustees, and other fiduciaries and purchasers in the issuance of tax-exempt and taxable bonds.  In addition, Nutter attorneys have experience serving as bond counsel to state and local governments, state agencies and authorities, counties, cities, schools, and other special-purpose districts.  Our attorneys also serve as counsel to public agencies and authorities, and advise public boards regarding state and federal statutes and regulations affecting their operations.

Our clients
Our clients include all parties in public finance transactions, including:

  • Health care institutions
  • Cultural institutions
  • Educational institutions
  • Manufacturers
  • Borrowers doing business in enterprise zones
  • Guarantors
  • Underwriters and placements agents
  • Financial institutions issuing credit enhancement
  • Bond purchasers, including mutual funds
  • Corporate trustees
  • Municipalities, agencies, and other governmental and quasi-governmental bodies

Our practice
Health care, educational and other conduit financings

Nutter has a widely respected practice in the area of conduit financings for health care, educational, and cultural institutions.  We have served as bond counsel, underwriter's counsel, borrower's counsel, letter of credit bank counsel, and trustee's counsel, and have participated in a wide variety of bond financings.  Our experience, coupled with our tax expertise, enables us to undertake complex public finance transactions.

Nutter’s Public Finance group is active in the area of economic development financing, and has represented all parties in numerous transactions involving the issuance of small-issue industrial development revenue bonds, enterprise zone bonds, tax increment bonds, and special assessment bonds.

Public finance credit enhancement

We have represented providers of credit enhancement and liquidity facilities for private activity bonds (including bonds issued on behalf of health care and other nonprofit organizations), public infrastructure bonds, and other financing instruments. In addition to reviewing the bond documents to ensure that the credit enhancer's rights are adequately protected, Nutter attorneys have prepared and negotiated documentation for credit enhancement and liquidity facilities and other financing documents, including reimbursement agreements, standby bond purchase agreements, pledge and collateral agreements (including mortgages), participation agreements, and investment agreements.  We regularly offer our commercial banking clients expert advice regarding legal issues relating to creditors' rights in general and in the arena of public finance in particular.

General obligation and revenue bonds

We offer significant experience to states, municipalities and other public entities undertaking the issuance of general obligation and revenue bonds.

Public finance taxation

Our tax attorneys play an integral role in our public finance practice, and have extensive knowledge of matters related to public finance and issues ancillary to public finance transactions.  We regularly appear before the Internal Revenue Service and the Treasury Department.  We also represent nonprofit entities on matters relating to maintaining their tax-exempt status, private use of bond-financed facilities, and related matters.

Government affairs

Our considerable experience in government affairs enables us to assist our clients by actively participating in the legislative and regulatory process affecting public finance, including advising authorities regarding a wide variety of subject areas.  Our attorneys interact with the key legislative committees to advocate for bond authorizations and legislative leadership in connection with transportation, health care, information technology, and other capital projects.  Nutter attorneys regularly counsel clients in appearances before state and federal agencies, and we advise our clients on state legislative issues.

Disclosure and securities law compliance

The Public Finance group counsels private businesses, and nonprofit organizations on their disclosure obligations under the anti-fraud provisions of federal and state securities laws.  We advise officers and directors on their personal obligations under the securities laws, and advise underwriters and placement agents on their due diligence and disclosure obligations.