Public Finance

Whether serving government entities or private nonprofits, Venable's public finance team applies a thorough understanding of public financing structures, tax law, and compliance issues to find innovative means to advance our clients' interests and see their projects through to completion.

Venable has a long history of practice in the field of public finance. The firm has been listed in The Red Book since 1940. Our team represents state and local governments seeking to use municipal bonds for infrastructure improvements, as well as hospitals, universities, cultural institutions, and other nonprofit organizations eligible to borrow the proceeds of tax-exempt bonds. 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. For conduit borrowers and stakeholders alike, Venable provides an organizing force that keeps the process on schedule, and rigorous tax analysis that ensures a solid foundation for bond-funded projects.

We have extensive experience with financings that involve combinations of debt issued by government issues with state and federal incentive programs, frequently assisting with structuring and compliance with special tax incentive programs. As a large, multistate law firm, we have extensive capabilities in environmental law, energy, land use, real estate, bankruptcy law, government relations, and other areas, and work seamlessly with our colleagues in these departments when related issues arise in any transaction. Having a full-service team at hand, along with our extensive knowledge of federal tax law, state law restrictions, and important characteristics of the market, our public finance attorneys can create a plan uniquely tailored for every engagement that gets the deal done in the most advantageous manner possible.

Tax Experience

Venable has a comprehensive tax law practice with a long history in the field of tax-exempt public finance, routinely rendering tax advice to municipal entities and private businesses. Our tax team comprises practitioners who are nationally recognized in their field, members who are active in national and local tax associations, and authors of leading tax treatises. Beyond the specific arena of tax-exempt finance, Venable offers the full range of federal, state, local, and international tax-related legal services to meet our clients' tax needs, wherever they are located. Our team's efficiency in federal and state tax matters affords our public finance clients access to a high degree of sophistication in tax analysis and compliance advice, which are crucial to the effective structuring of bond issues and related matters.

Financing Techniques

Venable attorneys are adept at implementing a wide range of financing techniques, including tax-increment financing, payment in lieu of taxes, debt funding structures, variable-rate debt interest rate swaps, credit enhancement, and assorted refinancing techniques. We also routinely help clients with ongoing compliance with covenants, tax regulations, and securities disclosure. Our representation of private nonprofit corporations in the public finance markets includes advice with respect to interest rate swap derivative transactions.


  • Represented a private school as borrower counsel in connection with its application and receipt of bond proceeds in the amount $10,500,000 issued by a state agency for special school expansion projects
  • Represented a developer of a mixed-use project in coordinating the finance plan to include TIF-supported debt, state tax credits, low-income housing tax credits, opportunity zone program funding, and conventional debt
  • Represented a municipality in its issuance of $154,495,000 in general obligation public facilities bonds and refunding bonds
  • Represented a municipality in its issuance of three series of bonds totaling $92,270,000 in senior special obligation refunding bonds and subordinate special obligation bonds in support of a large-scale development project
  • Represented an affiliate of a leading national commercial developer and investor in connection with the public offering, issuance, and sale of $13,000,000 in revenue bonds issued by a located community development authority, pursuant to the state water and waste authorities act to finance the costs of certain public infrastructure improvements
  • Represented a large hospital group in connection with an increase in its taxable revolving line of credit facility in the amount of $50,000,000, with the bank and the certification of the line of credit as a "parity obligation" under existing bond documents
  • Represented municipalities in a variety of complex refinancing transactions, including tax-exempt financing and current refundings


  • U.S. News - Best Lawyers, Best Law Firms, Banking and Finance Law, 2011 – 2023
  • The Best Lawyers in America, 2008 – 2022 (Venable attorneys selected for inclusion)