Public Finance

Financial institutions continue to play a significant role in the public finance debt markets. Robinson+Cole has a long history in the public finance sector, giving our Public Finance Practice Group the necessary experience to represent financial institutions as investors in tax-exempt and taxable general obligation and revenue bond transactions. Robinson+Cole was one of the first nationally recognized bond counsel firms and regularly ranks among the leaders both regionally and nationally as bond counsel for long-term and short-term debt.

Robinson+Cole acts on a continuing basis as bond counsel to the State of Connecticut, the Connecticut Health and Educational Facilities Authority, the Connecticut Housing Finance Authority, the Capital Region Development Authority and more than 45 cities, towns, housing authorities and other municipal entities, ranging from small towns functioning under the traditional New England town meeting form of government to active, large capital budget issuers. We also serve as Tax Counsel to the State of Connecticut on its General Obligation Bond program. We represent borrowers, underwriters and lenders in a wide range of public finance transactions.

As bond counsel, we have in-depth knowledge of the transactional, tax, securities and disclosure issues raised in public finance debt offerings. In representing financial institutions, we provide advice with respect to:
•    the process for authorizing bond and note offerings by governmental issuers
•    statutory limitations on the amount of debt, maximum term and amortization
•    the security available for the payment of debt service
•    the timing and components of covenants to avoid tax issues
•    permitted adjustments to interest rates and indices to avoid tax classification as “contingent interest” or recognition of capital gain or loss
•    the treatment of qualified tax-exempt obligations with respect to the deduction of interest expense allocable to the bonds under Section 265(b) of the Internal Revenue Code 
•    continuing disclosure exceptions and requirements
•    financial reporting requirements
•    consequences of waivers, amendments, restructurings and defaults
•    reissuance, re-offerings and refundings
•    replacement of letters of credit
•    integration of interest rate swap agreements with tax-exempt obligations

Our Public Finance lawyers also have the ability to draw on resources from other areas of the firm, including real estate, environmental, construction and creditors’ rights, to address any issues that may arise.