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Overview
As a nationally recognized Red Book bond counsel firm, Dilworth Paxson helps clients finance the projects that shape communities, fund essential infrastructure, and support long-term economic growth. Whether financing a major capital project, monetizing public assets, , leading complex general obligation or revenue bond financings or structuring a public-private partnership, our lawyers provide strategic guidance from the earliest stages of a transaction to help clients navigate legal, financial, and regulatory challenges with confidence.
Dilworth’s Public Finance team advises clients across the public finance ecosystem, helping governmental issuers, conduit and non-profit borrowers, and underwriters a structure complex transactions that support infrastructure, economic development, and long-term community investment throughout Pennsylvania, Delaware and New Jersey. We advise clients from the earliest stages of planning through closing, helping them evaluate financing options, anticipate legal and regulatory challenges, and develop practical solutions that meet both financial and public policy objectives.
Our lawyers serve as bond counsel, underwriter’s counsel, trustee’s counsel, disclosure counsel, redevelopment counsel and special tax counsel on transactions totaling billions of dollars annually. Having represented virtually every participant in a public finance transaction, we bring a broad perspective that helps clients navigate complex financings efficiently and effectively.
How We Help
We advise clients on taxable and tax-exempt financings involving states, counties, municipalities, authorities, school districts, fire districts, and other governmental entities.
Our work includes:
- General obligation bonds
- Revenue bonds
- Bond Anticipation Notes / Tax Anticipation Notes / Revenue Anticipation Notes / Emergency and Special Emergency Notes
- Transportation and infrastructure projects, including through state bond banks
- Economic development financings such as City Revitalization and Improvement Zone (CRIZ) and Redevelopment Area Bond (RAB) projects
- Charter school, hospital and other 501(c)(3) financings
- Solid waste, wastewater and recycling facilities
- School District and Fire District referendums
Municipal Asset Monetization & Public-Private Partnerships
Municipal asset monetization has become an increasingly important strategy for communities seeking to modernize infrastructure, generate capital, and meet long-term financial goals.
Dilworth has significant experience advising municipalities and authorities on transactions involving water, wastewater, and parking utility assets. We help clients evaluate available options, structure innovative financing solutions, and navigate the legal, regulatory, political, and stakeholder considerations that accompany these highly visible projects.
Our team also advises clients on public-private partnerships that balance public priorities with private investment while supporting long-term infrastructure and redevelopment initiatives.
Healthcare, Higher Education & Nonprofit Finance
We represent hospitals, healthcare systems, continuing care communities, colleges, universities, charter schools, museums, and other nonprofit organizations in financings that support institutional growth, capital improvements, restructurings, and long-term strategic objectives.
Tax, Securities & Regulatory Counsel
Our attorneys advise clients on federal tax and securities matters affecting public finance transactions, including structuring complex tax-exempt financings, representing issuers in IRS and SEC investigations, and counseling clients on disclosure obligations, and other regulatory compliance requirements.
Common Questions
When should we involve public finance counsel?
The earlier the better.
Many of the most important decisions in a public finance transaction occur before financing documents are drafted. Early legal involvement allows clients to evaluate financing structures, address regulatory requirements, anticipate political considerations, and position projects for long-term success.
What is municipal asset monetization?
Municipal asset monetization allows governments to unlock the value of public assets, such as water systems, wastewater systems, or parking facilities, to fund capital improvements, reduce debt, or support other public priorities.
Because these transactions involve financing, public policy, regulatory oversight, and stakeholder engagement, they require experienced legal counsel from planning through implementation.
What is the difference between bond counsel and underwriter’s counsel?
Bond counsel represents a debt issuer and provides the legal opinions necessary for municipal bond issuances, while underwriter’s counsel advises the issuer’s underwriter (usually an investment bank) and their underwriting teams participating in the transaction.
Because Dilworth has represented both issuers and underwriters, as well as trustees, conduit borrowers, developers, and financial institutions, our attorneys understand the perspectives and priorities of each participant involved in a financing.
Can one law firm handle all aspects of a public finance transaction?
Yes.
Public finance projects often involve tax, real estate, environmental, bankruptcy, litigation, labor, and regulatory issues. Our Public Finance team works closely with attorneys across the firm to provide coordinated legal guidance throughout every phase of a project.
Who We Represent
- State agencies
- Counties
- Local government
- Municipal and utility authorities
- School Districts
- Fire Districts
- Healthcare systems
- Colleges and universities
- Charter schools
- Nonprofit organizations
- Broker-Dealers
- Banks and financial institutions
- Trustees
- Developers
- Public-private partnership participants
Representative Matters
- Bond Counsel to multi-state commission for capital projects, refunding bonds and a tender offer
- Bond counsel in transactions involving the monetization of government facilities such as parking facilities
- Bond Counsel to various municipalities for the issuance of redevelopment area bonds
- Bond Counsel to various state and local authorities for conduit issuances
- Bond Counsel to local governments for various competitive and negotiated municipal debt financings
- Bond Counsel for various state utility bank financings
- Bond counsel for major healthcare system financings and debt restructurings
- Bond counsel for university housing
- Special counsel to municipalities and authorities in the lease or sale of water and, wastewater assets
- Hospital counsel for regional healthcare financings
- Public-private partnership transactions involving municipal infrastructure
- IRS and SEC matters involving public finance transactions and tax-exempt bond compliance
Insights
- 46 Dilworth Attorneys Named Among the Best Lawyers in America®
- Dilworth Paxson’s Bankruptcy Practice and Nine Attorneys were Recognized in Chambers USA 2026
- Four Dilworth Paxson Attorneys Elected to Equity Partner
- Dilworth Paxson’s Michael Gluck Appointed to Task Force by NJ Governor-Elect Mikie Sherrill
- Dilworth Paxson Partner, Elizabeth Preate Havey appointed as Co-Chair to Pennsylvania Attorney General Sunday’s Transition team.
- Best Lawyers Names Dilworth Paxson Among 2025 Best Law Firms
- SEC Proposes Amendments to the “Accredited Investor” Definition
- Dilworth Paxson LLP Again Named One of the “Best Law Firms” by U.S. News & World Report and Best Lawyers®
- Sixteen Dilworth Paxson Attorneys Named to 2019 The Best Lawyers in America© List
- City of McKeesport Sells Its Wastewater Assets For $159 Million To Pennsylvania American Water
- Dilworth’s Marc Feller to Speak at the Pennsylvania Municipal Authorities Association’s Annual Conference and Trade Show on September 12
- Twelve Dilworth Attorneys Named to 2018 The Best Lawyers in America© List
- John G. Johnson – First Bond Counsel and Best Philadelphia Lawyer
- Dilworth Paxson LLP Named One of U.S. News – Best Lawyers® “Best Law Firms” in 2017
- Dilworth Attorneys Named 2016 Pennsylvania Super Lawyers And Rising Stars
- Dilworth Paxson LLP Counsel on Behalf of Dauphin County in Landmark Telco Case
- Gift Rules Are Changing for Municipal Advisors
- Dilworth Paxson LLP Named One of U.S. News – Best Lawyers® “Best Law Firms” in 2016
- Nine Dilworth Lawyers named Best in America
- Named One of U.S. News – Best Lawyers® “Best Law Firms” in 2015
- Dilworth Partner Elected to the American College of Bond Counsel, Adding to an Exciting Year of Top Honors for Firm Leadership
- Dilworth Paxson Partner Designated “Lawyer of the Year” by Best Lawyers
- Allentown Financings Win Bond Buyer Northeast Deal of the Year
- Dilworth Paxson Welcomes Tim Carson to its Growing Public Finance Practice
- Marc Feller Re-elected a Vice President of the Golden Slipper Club
