Bond financing; bond proceeds disbursements
The firm regularly represents Bank of America, particularly its Healthcare and Institutions Group, and Banc of America Securities, in their capacities as provider of credit enhancements and as underwriter and remarketing agent for tax exempt bond financing. We have also represented the Bank as both lender and holder of the bonds in "bank qualified" transactions. The Bank's customers include a wide range of non-profit entities including hospitals and other medical facilities, universities, private schools, museums and cultural institutions and trade associations. Acquisition, refinancing or construction of real estate projects are the customary purposes of most of these transactions.
Representative Experience
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Representation of the Bank in connection with its issuance for the construction of a training campus in Montgomery County, Maryland for the educational affiliate of a national labor organization. The proceeds of bonds were disbursed as construction advanced. We also represented the Bank's interests when disputes arose between the borrower and its contractors regarding the project.
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Representation of the Bank in connection with its issuance of a master letter of credit for a national pooled bond program sponsored by a national organization of Jewish Federations. Bonds have been issued by the Colorado Educational and Cultural Facilities Authority to customers of the Bank in many different markets including Chicago, Dallas, South Palm Beach, Philadelphia and Baltimore. Projects financed with the proceeds of these bonds have included Jewish community centers, private schools, senior housing and the Chicago Jewish Federation's acquisition and fit out of a portion of a high rise office building in downtown Chicago for use as its headquarters.
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Representation of the Bank in connection with its issuance of a direct-pay letter of credit to support tax-exempt bonds issued to finance construction of a continuing care retirement community located in Washington, County, Maryland.
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Representation of the Bank as letter of credit issuer in connection with the development and construction of a build-to-suit office building in various locations, in negotiating a tri-party agreement with The Prudential Insurance Company of America and in making construction and terms loans to a Chicago-based distribution company.
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Representation of the Bank in connection with its issuance of a direct-pay letter of credit to support tax-exempt bonds for a private university located in Baltimore County, Maryland, and the amendment and restatement of the security documents for previous construction financing so that both the previous transaction and the new transaction were secured. The security documents included an amended and restated deed of trust and, in order to establish a lien on property owned by an affiliate of the university, an indemnity deed of trust. There are three other banks involved in the deal as participants. The proceeds of the bonds were disbursed as construction of the project progressed, in accordance with construction disbursement procedures and upon conditions set forth in the reimbursement agreements among the Bank, as letter of credit bank and administrative agent for the participant banks.
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Representation of a letter of credit bank in connection with its issuance of its direct pay letter of credit to support taxable notes issued by a country club to finance the construction of a new clubhouse and various other golf course and swimming pool improvements. The proceeds of the notes were disbursed as the project progressed, in accordance with construction disbursement procedures and upon conditions set forth in the reimbursement agreements between the letter of credit bank and the country club.
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Representation of the Bank in connection with the extension of expiration dates of direct-pay letters of credit supporting tax-exempt bonds issued for West Virginia University Health System and its affiliated hospitals, and the modification of various covenants of the obligors.