Public Finance

Barrett & McNagny LLP's Public Finance Group represent clients involved in a wide variety of public finance transactions. We advise banks and other financial institutions in their roles as lenders, trustees, credit enhancers or liquidity providers, and serve as bond counsel and underwriter's counsel on both public and private use bond transactions. These transactions have involved taxable and tax-exempt debt, fixed rate obligations, variable rate tender option bond arrangements, revenue and grant anticipation notes, lease structures and certificates of participation.

Public finance is not a discrete body of law. In addition to the public and tax law questions inherent in any tax-exempt financing, it is not uncommon to face real estate, environmental, bankruptcy and litigation issues. When these arise, we draw upon the experience of other Barrett & McNagny professionals who concentrate in these areas of law. We also utilize the knowledge and expertise we have gained in our active corporate finance practice to adapt commercial financing techniques to public finance transactions when they prove beneficial to our clients.

Practice Highlights

Bond Counsel

We have served as bond counsel with respect to both governmental and private use bonds. These transactions have ranged from traditional public financings, such as general obligation, tax increment financing, and sewer and other system revenue bond issues to complex conduit transactions, such as economic development, multi-family housing and qualified 501(c)(3) bonds. We have employed various structures, including variable rates, tender options, and lower floaters, among others, with credit enhancements consisting of domestic and international letters of credit and bond insurance.

Underwriter's Counsel

As underwriter's counsel, we have worked on both public and private use bond transactions. These transactions have involved fixed rate obligations, variable rate tender option bond arrangements, lease structures and certificates of participation.

Letters of Credit

A substantial portion of Barrett & McNagny's public finance practice is devoted to representing banks providing credit enhancement. Our attorneys have significant experience in negotiating reimbursement agreements, guarantees, collateral agreements and other security arrangements for banks. We have represented banks providing credit enhancement for private activity bonds. In addition, our representation of borrowers in private activity bond financings for which banks have provided credit support enhances our ability to draft and negotiate the relevant documents on behalf of banks efficiently.

The following is a representative list of the various types of transactions in which the members of Barrett & McNagny's Public Finance Group have been involved and the roles they have served:

• Bond Counsel for $5,400,000 City of Fort Wayne, Indiana Variable Rate Deman Economic Development Revenue Bonds to finance the construction of student housing for a local university
• Bond and Underwriter's Counsel for $5,700,000 City of Garrett, Indiana Variable Rate Demand Economic Development Revenue Bonds for new manufacturing facility
• Bond Counsel for $9,275,000 Allen County, Indiana Redevelopment District Tax Increment Revenue Bonds of 2005
• Bond and Underwriter's Counsel for $2,400,000 City of Kendallville, Indiana Variable Rate Demand Economic Development Revenue Bonds for expansion of existing manufacturing facility.
• Bond Counsel for $830,000 Town of Goodland, Indiana Sewage Works Refunding Revenue Bonds
• Bond and Underwriter's Counsel for $6,400,000 County of DeKalb, Indiana Variable Rate Demand Economic Development Revenue Bonds for a locally based manufacturer of concrete products
• Note and Underwriter's Counsel for $11,000,000 Variable Rate Multiple Draw Taxable Demand Notes to finance construction and equipping of a medical office building
• Bond and Underwriter's Counsel for $4,300,000 County of Allen, Indiana Economic Development Revenue Bonds to finance construction and equipping of a new YMCA branch facility
• Bond Counsel for $2,000,000 Town of Grabill, Indiana Economic Development Revenue Bonds to refund existing bonds and provide new construction funding for an assisted living facility for a 501(c)(3) organization
• Bond and Underwriter's Counsel for $3,500,000 City of Fort Wayne, Indiana Economic Development Revenue Bonds to finance the construction and equipping of new facilities for local public television station
• Bond Counsel for $4,475,000 Indiana Health Facility Financing Authority Variable Rate Demand Revenue Bonds to refund existing indebtedness of 501(c)(3) social service organization
• Bond Counsel for $1,125,000 County of DeKalb, Indiana Economic Development First Mortgage Revenue Bonds for a local 501(c)(3) organization
• Bond Counsel for $1,460,000 City of Fort Wayne, Indiana municipal lease for a fire station
• Underwriter's Counsel for $938,000 Mooresville Consolidated School Corporation Equipment Leases
• Bond Counsel for $3,200,000 City of Fort Wayne, Indiana Variable Rate Demand Economic Development Revenue Bonds for a locally based manufacturer of modular automation devices and components
• Bond Counsel for $6,200,000 City of Fort Wayne, Indiana Adjustable Rate Demand Economic Development Revenue Bonds to finance the construction and equipping of a 52-unit apartment expansion of an existing facility to accommodate assisted living and independent living residents for a local 501(c)(3) organization
• Bond Counsel for $3,500,000 Allen County, Indiana Economic Development First Mortgage Revenue Bonds for a locally based manufacturer of heating and air conditioning systems
• Bond Counsel for $2,000,000 Town of Grabill, Indiana Economic Development First Mortgage Revenue Bonds for a 501(c)(3) organization
• Bond Counsel for $5,337,000 Sewage Works Revenue Bonds for the Lake George Regional Sewer District
• Bond Counsel and Underwriter's Counsel for $3,705,000 Benton County Government Center Bldg. Corp. First Mortgage Bonds for the Benton County, Indiana Government Center
• Bond Counsel for $1,750,000 Town of Winona Lake, Indiana Economic Development Revenue Bonds for a locally based manufacturer of recreational equipment and furnishings
• Bond Counsel for $3,300,000 City of Fort Wayne, Indiana Variable Rate Demand Economic Development Revenue Bonds for a locally based manufacturer of precision tooling and equipment
• Bond Counsel for $4,000,000 County of Allen, Indiana Variable Rate Demand Economic Development Revenue Bonds for a 501(c)(3) organization