Government officials contemplating the use of municipal bonds look to Venable for decades of experience in structuring financing for infrastructure improvements needed by their communities.
For conduit bond authorities and users of the bond proceeds, Venable provides an organizing force that keeps the process on schedule, as well as rigorous tax analysis that ensures a solid foundation for bond-funded projects.
If you’ve spent even a few days in Maryland, Washington, DC, or Northern Virginia, you know our work:
- Oriole Park at Camden Yards
- Fort McHenry Tunnel under the Baltimore harbor
- Genome research labs in Montgomery County
- WETA’s broadcast studios in Alexandria
- The National Aquarium
- Hospitals and schools in Washington, Baltimore, and Annapolis
And other landmarks throughout the region
Venable has guided the financing of municipal, educational, healthcare, and cultural facilities for more than 100 years. We’ve been in the “Red Book” of qualified public finance firms for more than 60 years.
Municipal and Conduit Bonds: Facilitating Every Step
Before the sale
As bond counsel, we supervise the authorization of bond issues, draft disclosure documents for prospective investors, perform the tax analysis and draft and negotiate the indentures and agreements.
With an understanding of your goals—and our knowledge of federal tax law, state law restrictions and important characteristics of the market—we create a plan that gets the deal done, within applicable constraints, in the most advantageous manner possible.
After the sale
Venable attorneys are adept at implementing a wide range of financing techniques, including variable-rate debt interest rate swaps, credit enhancement and assorted refinancing techniques. We also help clients with ongoing compliance with covenants, tax regulations and securities disclosure.
Venable tax counsel
We follow a tradition of having an independent Venable tax attorney closely involved in each bond transaction. Venable tax attorneys have decades of bond experience and the depth, seasoned judgment and tenacity to help issuers get bond financings done right.
Dealing with the IRS
Our bond and tax attorneys are keenly aware of the Internal Revenue Service’s concerns with private-activity issues in conduit financings. We advise clients on the eligibility criteria for permitted private-activity bonds. And, using those criteria, we have structured financings that have successfully withstood IRS audits.
We are also advising clients with regard to the announced intention of the IRS to investigate post-issuance compliance, and we are prescribing safeguards to prevent problems in that area.
Complying with SEC disclosure requirements
The Securities and Exchange Commission is charged with policing disclosure of critical information when bonds are issued and while the bonds remain outstanding. On behalf of bond issuers, we prepare public offering statements designed to address the specific concerns articulated by the SEC.