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Public Finance
The Troutman Sanders Public Finance Practice Group has provided comprehensive legal services in municipal finance transactions for more than 30 years. We serve as bond counsel to state, regional and local governments, development and other authorities, commissions and institutions, and we act as counsel to conduit issuers, underwriters, credit providers, trustees and borrowers. We also provide special tax counsel and disclosure counsel services. These representations are in connection with financings involving general obligations, special and sales taxes, working capital, leasing, transportation, utilities, jails, educational, industrial, solid waste, health care, housing, 501(c)(3) not-for-profit, commercial and mixed-use facilities.
Our Team
Our six lawyers in the Public Finance Practice Group have over 120 years of combined experience and advise clients as to optimum municipal financing arrangements, including the use of letters of credit, bond insurance, liquidity facilities, credit enhancements, tax credits, guaranteed investment contracts, forward commitments, swaps and other derivative products, as well as American Recovery and Reinvestment Act of 2009 (“ARRA” or “Stimulus Act”) authorized obligations such as Build America Bonds and other tax credit bonds. We are adept in analyzing tax, arbitrage, securities and other state and federal laws governing taxable and tax-exempt municipal financings, whether bearing interest at a fixed or variable interest rate, and whether a new money or current or advanced refunding issue. Our lawyers have or currently serve on the board of directors of the National Association of Bond Lawyers (NABL) and several panels and committees of NABL.
We have extensive experience representing governmental entities and private developers in the structuring and implementation of economic development infrastructure and incentives initiatives. Further, our lawyers have worked with governmental entities and private developers in the solicitation and utilization of public-private partnerships for capital improvement projects.
Our Clients
Some of our representative clients include:
Commonwealth of Virginia
Virginia College Building Authority
Virginia Department of Transportation
State of Connecticut
City of Atlanta, Georgia
Virginia Tech University
Development Authority of Fulton County
Broad Street Community Development Authority
Fulton-DeKalb Hospital Authority
Citigroup
Bank of America, N.A.
Wachovia Bank, National Association
Rice Financial Products
BB&T Capital Markets
SunTrust Bank
The Bank of New York
Wells Fargo Bank
U.S. Bank National Association
Innovation
Our group has a history of innovative financings, including:
- Restructuring of a public hospital
- Tax-exempt financing for college fraternities’ renovations
- First variable rate, multimodal financing for state universities in Virginia
- One of the first bond counsel firms for cogeneration and corrections facilities financings in Virginia
- One of the first bond counsels in the country for senior/subordinate bond structure in Standard & Poor’s affordable housing program
Specialties
Our Public Finance Practice Group includes the following areas of expertise:
- Health care and assisted living
- Transportation
- Privatizations, public/private partnerships and mixed-use facilities
- Draw-down and blind pool bond issues
- GARVEE bonds secured by federal highway funds
- Variable rate, multimodal bonds
- Higher education facilities
- Local economic development incentive packages and infrastructure development
- Airports
- Working capital financings
- Private school financings
- Regional jails and juvenile detention facilities
- Multifamily housing, both for-profit and not-for-profit, including senior/subordinate bond structure
- Tax-exempt leasing
- Fannie Mae credit enhancements and tax credits
- Tax increment financings, special service districts and community development authorities
- Student loan bond securitizations, business escrows and default work-outs for corporate trustees
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