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Public FinanceSince the 19th century, state and local governments around the country have turned to the capital markets and have borrowed money through the issuance of bonds to finance capital improvements and infrastructure. More recently, public bodies have utilized debt instruments to manage their cash-flow and to refinance and/or restructure existing debt. In addition to the use of "traditional" tax or revenue-secured municipal bonds to finance streets, schools and other kinds of public facilities, state and local governments can also use their borrowing authority as a powerful economic development tool. These public/private partnerships can be extremely beneficial by giving localities an additional tool to attract and retain business, thereby improving the local economy, increasing the tax base and generating employment. Even non-profit organizations, such as colleges, universities, hospitals and all types of 501(c)(3) corporations, can utilize bond issues in order to lower their borrowing costs and be more competitive. These financings combine elements of traditional municipal bonds as well as corporate securities, including variable-rate instruments, interest rate swaps, letters of credit, forward purchase arrangements, tax-increment financing and other cutting-edge tools. The highly involved process of issuing bonds requires the coordination of varied, often opposing interests, which may include voters, elected and appointed officials, special interest groups, state legislators, rating agencies and investment bankers. On the technical side, state laws, local ordinances and the highly complex provisions of federal tax and securities law also come into play. At the heart of this process are bond lawyers. The bond lawyers who make up the Adams & Reese Public Finance team have extensive experience in public and municipal finance law. Over several decades, members of the team have acted as bond counsel in connection with the issuance of tax-exempt and taxable debt instruments, by state and local governments, private entities and by all manner of public and quasi-public agencies. Their work has led to the financing of hospitals, schools, roads, bridges, public buildings, utilities systems, and all kinds of for-profit and not-for-profit business facilities across the Southeastern United States. ABOUT OUR TEAMOur Public Finance Law Team has an aggregate of nearly 150 years of experience in municipal finance, drafting of legislation and the addressing of state constitutional and statutory issues affecting public finance and other areas of local government law. Our team members have actively participated in various cases in which important questions and issues of public finance law are involved and resolved. Some members of our team are nationally recognized in this field, and have held such prestigious positions as President of the National Association of Bond Lawyers, Chairman of the Section of State and Local Government Law of the American Bar Association, and Regular Fellow of the American College of Bond Counsel. Team members are frequent speakers at local, state and national conferences of local government officials and public finance professionals. AREAS OF PRACTICEThe members of our Public Finance Law Team are experienced in every stage of the financing process, including:
At every stage in the process, our primary consideration is to help clients find the most cost-efficient and beneficial financing avenue, given all of the relevant facts and circumstances. Sometimes the best solution doesn't involve the issuance of debt. In those cases, our team members are also experienced in non-traditional financing alternatives such as lease-purchase arrangements and financing through governmental loan and pool financing programs. TYPES OF PUBLIC BODIES SERVEDStates TYPES OF BUSINESSES UTILIZING BOND ISSUESHospitals, both non-profit and for-profit CONTACT ATTORNEYO. Ray Cornelius
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