Public Finance

Dilworth Paxson is a nationally-recognized Red Book bond counsel firm. Our Public Finance Group covers a span of more than thirty-five years and has included an array of municipal bond issues including:

  • state, city, county and school district general obligation bonds,
  • revenue and infrastructure financings including authority, joint system, state, city and township financings, both taxable and tax-exempt,
  • hospitals, nursing facilities and continuing care community financings,
  • charter school financings,
  • revenue bonds for airport, toll road transportation, ports,
  • tax-increment financings,
  • water and sewer financings;
  • resource recovery projects,
  • non-sectarian projects of religious-affiliated institutions,
  • higher education financings,
  • museum and other non-profit and private activity financings; and
  • project financings.

We have served as bond counsel and special tax counsel, and have represented underwriters, issuers, trustees, borrowers, developers and letter of credit banks. The principal amount of our 2005 and 2006 transactions totaled approximately $2.8 billion and $4.4 billion, respectively.

Members of the Public Finance Group are actively involved as members of the National Association of Bond Lawyers, the Pennsylvania Association of Bond Lawyers and the Tax-Exempt Finance Committee of the American Bar Association. Public Finance Group attorneys have lectured on tax structuring, infrastructure financings and other bond subjects.

The range of our public finance transactions has included:

  • Playing major roles in shaping multi-faceted credit structures for project financings, including solid waste, port facilities, recycling and co-generation projects.
  • Working with local governments on matters involving public law and legislation, budgetary and litigation issues.
  • Working with local officials to guide them through complex legal issues and utilize the firm's broad background in labor, real estate, tax, environmental and other practice areas, when necessary.
  • Counseling trustees concerning indenture analysis, workouts, sinking funds, revenue pledges and compliance with disclosure requirements.
  • Counseling parties in transactions involving privatization of municipal facilities, including associated federal tax consequences.
  • Counseling clients in environmental matters with federal and state agencies related to financing matters.
  • Working closely with our Health Care group to provide the most effective representation possible in hospital, nursing home, life care and other health facility financings.

Municipal Derivatives

A significant percentage of our public finance transactions involve one or more forms of derivative products. We have worked with swap advisors and pricing agents addressing pricing and valuation issues related to these transactions as well as IRS review of derivative pricing issues.

Tax and Securities Regulatory Matters

Our combined experience in public finance and federal tax and securities matters (including IRS and SEC controversy work) has led to our representation of transaction participants involved in:

  • governmental audits or investigations in the public sector including one of the first court cases involving an IRS audit of an industrial revenue bond issue,
  • closing agreements under the IRS's VCAP initiative, and
  • SEC investigations stemming from federal tax controversies related to bond issues.

We have broad-based experience with both federal and state securities laws and regulations and have counseled both underwriters and issuers regarding their disclosure and other compliance responsibilities.

For questions or additional information, please contact Marc A. Feller, Chair of the Public Finance Group.

View Attorneys for this Group

FirmSite® by FindLaw, a Thomson Reuters business.