Public Finance

Overview

Based upon our extensive bond experience, coupled with our deep roots in construction and project-based finance, we are in a unique position to evaluate the facts of any bond transaction, and specifically, to analyze the needs of institutions looking to enter the municipal marketplace and properly document tax-exempt secured lending transactions.

Because of the breadth and scope of our client representation in this area, our lawyers have had the opportunity to provide advice on a number of unique legal matters related to bond transactions.

Successfully engaging in tax-exempt finance requires compliance with complex statutes that regulate the use of proceeds, borrowing, lending and the perfection of security interests. It also necessitates a deep understanding of issue structures, how nonprofit corporations and governments operate, and the interplay of the parties’ rights and responsibilities.

With decades of diverse public finance experience, Stradley Ronon has handled a broad spectrum of complicated financings and related transactions, advising on billions in taxable and tax-exempt loan obligations, including regulatory compliance, loan structuring, distressed loan workouts, and the many other issues that arise in the context of public and project-based finance.

OUR Extensive Experience
Stradley Ronon public finance lawyers have served in many roles, including authority counsel; bond counsel; and counsel to issuers, borrowers, banks, underwriters and developers, among others. Advising on all types of finance transactions including tax-exempt and municipal finance, we collaborate with members of our other practices, including tax, securities, bankruptcy, energy, health care, environmental, litigation and real estate law, to provide seamless, integrated service that meets our clients’ needs and helps them achieve their goals.

Applying our extensive collective experience in public finance, we evaluate the various terms and conditions of bond transactions, analyzing the needs of institutions seeking entry into the municipal marketplace. Often we are called on to advise on unique legal matters related to bond transactions, such as the prior and current use of proceeds, transferred proceeds, arbitrage and rebate. We also apply our training in traditional lending transactions to provide efficient review and analysis of construction, real estate and personal property monitoring, and collateral issues in any finance transaction.

Further, Stradley Ronon Partner Valentino F. DiGiorgio acts as solicitor and bond counsel for the Uwchlan Township Industrial Development Authority in Chester County, Pennsylvania, which serves as a conduit borrower for tax-exempt borrowings and bond issuances on behalf of nonprofit entities and manufacturing companies, and as solicitor for the Bethlehem Revitalization and Improvement Authority.

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Results

Results

Representative Matters

Our public finance group has served as counsel on more than 100 municipal and state bond issuances with an aggregate value of more than $4.5 billion. Our experience includes representing:

Commonwealth of Pennsylvania
Acted as bond counsel in the issuance and sale of its $700 million principal amount Commonwealth of Pennsylvania General Obligation Bonds, Second Series, and its $250.6 million principal amount Commonwealth of Pennsylvania General Obligation Bonds, First Refunding Series.

General Authority of Southcentral Pennsylvania
Served as direct purchaser’s counsel in connection with private placements of $412.2 million aggregate principal amount of WellSpan Health Obligated Group Revenue Bonds.

County of Burlington, N.J.
Served as special county counsel in the issuance and sale by the Burlington County Bridge Commission of its $49.5 million principal amount County-Guaranteed Pooled Loan Revenue Bond, and its $42.5 million principal amount County-Guaranteed Pooled Loan Revenue Bonds (Governmental Loan Program).

Pennsylvania Higher Educational Facilities Authority
Served as direct purchaser’s counsel in connection with private placements of $100 million of The University of Pennsylvania Health System Variable Rate Revenue Bonds.

Philadelphia Authority for Industrial Development
Since 1997, acted as counsel in bond issuances of directly placed or publicly offered underwritten transactions of tax-exempt bonds totaling more than $2 billion in principal amount.

Philadelphia Regional Port Authority
Served as bond counsel in the issuance of $41.9 million Commonwealth Lease Revenue Bonds Series.

Rowan University
Acted as underwriter counsel in the issuance of $34.7 million Revenue Bonds (Rowan University General Capital Improvement Projects) Series 2015A; $69.5 million Revenue Refunding Bonds (Rowan University Project) Series 2015B; and $51.5 million Revenue Bonds (Rowan University Business and Engineering School Projects), Series 2015C.

Delaware River Port Authority
Served as co-underwriter counsel in the issuance of three series of Revenue Refunding Bonds totaling $350 million.

Central Bucks School District
Acted as bond counsel in the issuance of $50.5 million General Obligation Bonds, Series A of 2011; $72.9 million General Obligation Bonds, Series B; and $47.7 million General Obligation Bonds, Series C.

La Salle University
Acted as bond counsel in the issuance of $94.9 million Pennsylvania Higher Educational Facilities Authority La Salle University Revenue Bonds, Series 2012.

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