Our Public Finance lawyers understand the challenges of planning and implementing publicly funded capital projects and have handled virtually every type of public financing transaction.
Government entities building or renovating public facilities need advice on tax-exempt and taxable bond financing. Private companies building factories and retail establishments need to analyze financial incentives and methods for efficiently obtaining them. Banks, underwriters, and business owners need counsel on the impact of tax-exempt and taxable debt, and businesses need to consider the impact of changing tax laws on proposed new financings.
Our public finance lawyers are well versed in representing borrowers, letter of credit banks, trustees, and guarantors, and we frequently counsel nonprofit institutions on financing capital improvements. Our team helped develop financing structures used by leading New Jersey health providers and served as bond counsel for nearly every congregate care community financed in New Jersey.
We have detailed knowledge of aviation, housing, healthcare, utilities, and solid waste remediation financing. We also have extensive experience in matters of fiduciary responsibility for disclosure and default, land use, and lender liability, including ISRA and CERCLA. We also regularly assist clients with underwriting requirements, including MSRB rules, municipal swaps, and letter of credit law.
Our tax lawyers bring decades of experience advising nonprofits, school districts, and healthcare institutions on all aspects of tax-exempt financings and regulations. Each lawyer in our Tax 103 team devotes their practice to public finance work and brings more than 25 years of experience in all aspects of a 103 practice. We handle complex advance refundings involving transferred proceeds, interest rate swaps, including termination of swaps, use of proceeds limits for tax-exempt and Build America Bond issues, and private activity limits. We have extensive experience covering governmental bonds, hospital financings, higher education financings, cultural, and other 501(c) financings.
Airport & Port Facility FinancingsOpen
We have extensive experience with exempt facility financings for airport and port facility projects, having served as bond counsel to the New Jersey Economic Development Authority (NJEDA) for more than two decades in connection with hangar and terminal project financing for Continental Airlines, Inc., at Newark Liberty International Airport, which has totaled over $1 billion. We also assisted NJEDA in connection with the issuance of $125 million special facility revenue bonds to finance a terminal facility. We are well versed in negotiating the bond documents in such transaction with The Port Authority of New York and New Jersey and the other operators of the airports and ports where the new project facilities are to be sited.
Educational Facility Capital Project FinancingOpen
We have served as bond counsel to numerous public school districts throughout New Jersey, assisting in financing capital improvements through the issuance of bonds, notes, and certificates of participation. We are experienced in financings in accordance with the New Jersey local bond law and the New Jersey school financing law, including the New Jersey Educational Facilities Construction and Financing Act, and we have been involved with bond financings for several boards of education and regional high school districts. We have assisted school districts in seeking approval by the New Jersey Department of Education for the state share of their project costs and the approval of the Local Finance Board of special bond maturities and redemption provisions. Our team has worked on several diverse financings for the NJEDA for more than 20 years as bond counsel. These include new money, current, and advance refundings for various projects financed by the NJEDA for charter schools, private schools, and other nonprofit educational institutions. We also have extensive experience relating to higher education facility financings, having served as bond counsel to the New Jersey Educational Facilities Authority (NJEFA) for nearly four decades.
Electric Power FinancingsOpen
We have served as underwriter’s counsel to the underwriting syndicate and as bond counsel to the Salt River Project Agricultural Improvement and Power District in connection with its bond financings as well as financing its acquisition of a power plant through the issuance of $282.7 million certificates of participation.
Environmental Infrastructure & Solid Waste Remediation FinancingsOpen
Our lawyers have represented the New Jersey Environmental Infrastructure Trust as its sole bond counsel for more than three decades with respect to the trust’s annual pooled financing program for wastewater treatment projects and drinking water supply projects undertaken by local counties and municipalities, state authorities, nonprofit entities, and private entities throughout the state. We have experience with the legal and structural complexities of the trust’s financing program, the full range of financing issues raised by participation in the financing program, and the logistical challenges presented by such a large and complex pooled financing program. We served as bond counsel in connection with the issuance of approximately 50 series of bonds totaling over $1 billion. We also bring extensive experience relating to solid waste remediation financings. We served as bond counsel to the NJEDA in connection with issuing $150 million economic development revenue bonds, $65.2 million economic development revenue bonds, and $79.7 million economic development revenue bonds. The proceeds of the bonds were loaned to a for-profit entity to finance the remediation of approximately 785 acres of property in the Meadowlands. This remediation project is designed to facilitate over $1 billion of development over a 10-year period. Our public finance lawyers continue to counsel NJEDA regarding potential financings for privately sponsored solid waste remediation projects.
Governmental Capital Project FinancingsOpen
We are experienced in financings pursuant to the New Jersey local bond law and the New Jersey county improvement authority law. We have served as bond counsel to the State of New Jersey and several municipalities, counties, and authorities within the state in connection with financing a wide range of capital projects and improvements through the issuance of bonds and notes. We also assisted clients in obtaining the required approvals from the Local Finance Board in connection with such financings.
Healthcare Capital & Project FinancingOpen
For more than 20 years, we have delivered legal services to the healthcare capital markets as bond, underwriter’s, bank, and borrower’s counsel for billions of dollars in acute and subacute debt as well as financing and refinancing assets relating to thousands of beds and units along many different service lines. Our lawyers have contributed to the development of some of the most innovative financing structures used by healthcare providers in the region. We have been bond counsel for nearly every congregate care community financed in New Jersey and have developed access to the tax-exempt debt market for congregate care and assisted living providers. We counsel healthcare providers on regulatory and compliance matters in collaboration with the firm’s Healthcare practice, and on workout matters in collaboration with the firm’s Creditor Rights lawyers.
Housing Capital Project FinancingsOpen
We have served as bond, underwriter’s. and borrowers counsel in a range of multi- and single-family housing issues, totaling well over $1 billion. Our clients have included nonprofit and for-profit developers of low- and moderate-income housing. We have assembled teams comprising our property tax abatements and tax credits lawyers that handle the financing aspects of multifamily housing. We also assist developers in navigating the FNMA financing process and the debt restructuring process with financing authorities.