Housing & Public Finance

Public Finance

Cohen & Grigsby’s Public Finance Group offers considerable experience in all aspects of public finance. Drawing on that comprehensive expertise, we represent issuers, underwriters, trustees, credit providers and private (or conduit) borrowers in transactions involving governmental bonds, qualified hospital and health facilities bonds, qualified 501(c)(3) bonds, qualified mortgage bonds and other private activity bonds such as industrial development bonds, airport bonds, docks and wharfs bonds, transportation bonds and multifamily bonds. These bond issues include bonds secured by general taxes, water and/or sewer charges, tax increment financings (TIFs), special assessments, mortgages, letters of credit and municipal bond insurance.

Our attorneys represent clients in matters such as:

  • General obligation bonds for states, counties, school districts and other local government units
  • College and university financings, including those for student housing projects
  • Hospital, nursing home and assisted living facility financings
  • Water, sewer, parking and other municipal revenue bond issues
  • Industrial development bond issues, including those for manufacturing facilities and environmental control
  • Tax increment financings (TIFs)
  • Turnpike/toll road financings
  • Single-family and multifamily housing financings
  • Refinancings, including current, advance, delayed delivery and forward purchase refundings
  • Variable-rate financings, including auction rate bonds
  • IRS representation, including closing agreements, public comment, private letter ruling requests and informal requests for advice

In the Vanguard on Tax Expertise?

Public finance projects often feature complex tax matters, a particular strength of our Public Finance Group. Our attorneys are in the vanguard in helping clients and other municipal market participants with post-issuance compliance and enforcement issues such as arbitrage rebate, continuing disclosure, IRS audits, SEC investigations, defaults, bankruptcies and other workout situations. Our attorneys have assisted numerous clients in structuring transactions to maximize the benefit of arbitrage earnings during construction periods, avoiding rebate payments and developing a variety of additional sophisticated techniques under the federal arbitrage rules. We have participated in the structuring of numerous current and advance refunding transactions to assure compliance with federal arbitrage regulations relating to refunding issues. We frequently participate in transactions involving interest rate swaps or other forms of hedges. As a leader in this field, we have submitted comments on proposed IRS regulations or discussed pending concerns with National Office lawyers on an informal basis.

We assist clients in structuring Qualified 501(c)(3) bond issues to qualify as such and in qualifying non-profit organizations under Section 501(c)(3) of the Internal Revenue Code. Our lawyers represent organizations providing housing to combat general community deterioration as well as units targeted to low-income, disabled and aged populations. For such clients, our representation includes counsel on bond issues.

Success for Clients, Growth for Communities

In the Culture of Performance that defines Cohen & Grigsby, acting as the lead agent for client success is our most important priority. Yet improving the communities we serve is a vital goal as well. Our groundbreaking work in Public Finance allows us to achieve both goals, since client success often produces community betterment.

For example, our Public Finance Group has played a pivotal role in helping the Commonwealth of Pennsylvania, its various agencies, counties, municipalities, school districts, townships, boroughs and municipal authorities identify and structure new and innovative financing techniques designed to improve access to public finance capital markets.