National Public Finance Group by tpf49254

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									National Public Finance Group
Chapman and Cutler LLP
Public Finance
      Chapman and Cutler LLP has been one of the country’s preeminent

      law firms in public finance since its founding in 1913. The Firm’s

      attorneys have an extraordinary history of providing innovative and

      practical legal solutions for complex financial transactions in a wide

      variety of practice areas.
National Public Finance Group


Chapman and Cutler’s National Public Finance Group understands the challenges its clients across the country
face in the public finance markets. The National Public Finance Group consists of attorneys with experience in
such areas as healthcare, housing, education, culture, environmental, investor-owned, public and rural utilities,
airports and renewable energy. Using a team approach that draws upon the experience of the Firm’s attorneys
in such diverse areas as public finance, tax, banking and securities, we take pride in being able to work under
aggressive timetables as well as delivering opinions clients can trust.

Finance is our focus and providing valued service is our mission.




Utilities                                                                                                    Financed Facilities
Attorneys in the utility practice serve as bond counsel, underwriter’s counsel and company               •   pollution control facilities
counsel to many investor-owned, public and rural utilities. In doing so, our attorneys assist in the     •   solid waste disposal facilities
tax-exempt financing of “exempt facilities” throughout the United States on hundreds of millions of      • sewage facilities
dollars of tax-exempt financings each year. Using collective experience, our attorneys have helped       • facilities for the local furnishing
utility clients finance various facilities through the issuance of fixed and variable rate securities.       of electricity, gas and water



Housing                                                                                                      Housing Experience
Chapman’s National Public Finance Group handles a wide variety of single-family and multifamily          •   tax-exempt transactions
housing financings for our clients.                                                                      •   taxable transactions
                                                                                                         •   combined tax-exempt/
We have extensive experience in providing housing-related legal services. Our attorneys have                 taxable structures
represented various nonprofit and for-profit entities, state agencies and housing finance                •   fixed, variable and convertible
corporations in several states, assisting them in navigating the often complex state and local               interest rate structures
regulatory and compliance laws in connection with financing multifamily housing projects. Our            •   mortgage credit
housing practice has grown to meet the increasing needs of clients for cutting-edge ideas and                certificate programs

structures to solve various legal issues in a market that changes continuously.                          •   tax credit loans



Airport Finance                                                                                              Airport Experience
Our attorneys have an extraordinary range of experience as bond counsel and underwriter’s                •   general airport revenue
counsel in both general airport revenue bond and special facility bond financings at major U.S.              bond and special facility bond
                                                                                                             financings at regional and
airports, as well as municipal and regional airports.                                                        major U.S. airports

Attorneys in the Firm’s Special Litigation, Bankruptcy and Workout Group have represented
investors, secured lenders and indenture trustees in several of the largest airline bankruptcy
matters, including United Airlines, Continental Airlines, America West Airlines, Eastern Airlines,
Midway Airlines and Trans World Airlines. This experience enhances the ability of Firm attorneys
to assist in structuring transactions to provide the optimum security for bondholders.




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    Health Clients                             Health, Education and Culture
•   hospitals                                  The Firm has represented clients in tax-exempt financings for private nonprofit hospitals since
•   nursing homes                              the mid-1960s. Attorneys in the National Public Finance Group regularly serve as bond counsel,
•   retirement facilities                      underwriter’s counsel or special corporate counsel in connection with the issuance of tax-exempt
•   healthcare systems                         bonds for the benefit of healthcare institutions throughout the United States.
•   other healthcare institutions
                                               Chapman and Cutler’s higher education practice is an integral part of the Firm’s National Public
    Education Clients                          Finance Group. We regularly serve as bond counsel or underwriter’s counsel in connection with
•   public universities                        the issuance of tax-exempt bonds for the benefit of colleges and universities located throughout
•   private universities                       the country. Our clients include both private institutions of higher education and public universities.
                                               Furthermore, our clients include a wide variety of institutions ranging from large universities to
    Cultural Clients
                                               small liberal arts colleges.
•   museums & zoos
•   symphonies                                 Chapman and Cutler has been at the forefront of tax-exempt bond financings for cultural and
•   social service organizations               other 501(c)(3) institutions since legislation was enacted permitting the issuance of revenue bonds
•   libraries                                  for the benefit of such institutions. We regularly serve as bond counsel or underwriter’s counsel for
                                               tax-exempt bond financings for a wide range of cultural and other 501(c)(3) organizations.




    Solid Waste, Sewage and Other Environmental Disposal
    Chapman and Cutler has been one of the most active and experienced law firms in the nation handling the tax-exempt financing of
    sewage and solid waste disposal facilities of corporate and utility borrowers. The Firm’s Tax Group and National Public Finance Group
    attorneys confer with company engineers to identify the specific environmental facilities that qualify for such low-cost financing within
    the technical regulations of the Internal Revenue Code.

    Our attorneys have successfully identified environmental facilities qualifying for such financing in a variety of industries.
    Our experience includes transactions involving:


        •	 investor-owned    utilities and rural electric cooperatives financ-   •	 industrial   and manufacturing clients, including oil refineries,
         ing solid waste disposal facilities at coal-fired power plants            that financed the environmental portions of their plant
                                                                                   expansions using tax-exempt bonds
        •	 ethanol   production companies financing solid waste
         disposal facilities                                                     •	 cleanup   and remediation of former industrial and manu-
                                                                                   facturing sites as well as former gas stations and other
        •	 financing   of municipal waste disposal and recycling facilities
                                                                                   commercial facilities requiring significant expenditures for
         for a number of large privately owned companies that
                                                                                   cleanup activities to keep prior spillages from spreading
         provide for the collection, transfer, processing, disposing
                                                                                   to the surrounding air, soil and groundwater
         and recycling of the municipal waste of residential and
         business customers




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Governmental Purpose Bonds
Attorneys in the National Public Finance Group represent a variety of governmental units, including
states, state authorities, joint action agencies, cities, counties, school districts, special purpose
districts and municipal nonprofit corporations and authorities throughout the United States.            “ National Public Finance has

We have widespread experience in virtually every type of public finance transaction and structure.
                                                                                                         played a key role in the history
Our public finance attorneys serve as bond counsel, underwriter’s or disclosure counsel and
special counsel to state and local government entities of all types, including state agencies,           of Chapman and Cutler and
counties, cities, school districts and joint action agencies; electric, water, sewer, transit and
other public utility districts; and agencies that issue revenue bonds, general obligation bonds          remains a cornerstone of the
and other obligations. These districts and agencies are generally governmental or quasi-
governmental entities and include water conservancy districts, metropolitan water districts,             Firm’s finance practice.”
irrigation districts, improvement districts and similar entities. Attorneys in the Firm’s Salt Lake
City office are at the forefront of the development of new financing solutions for the capital           — Rick Cosgrove,
needs of water providers in Utah.                                                                          Chief Executive Partner


Private Activity Bonds
Chapman and Cutler has been instrumental since the 1970s in developing, and assisting
qualifying borrowers in utilizing, the industrial development revenue bond (now private activity
bond) financing tool. Our attorneys have served as bond counsel, underwriter’s counsel, special
tax counsel or credit enhancer counsel on private activity bond issues across the nation.

We are familiar with the intricacies of the numerous requirements of the Internal Revenue Code
necessary for the successful issuance of private activity bonds. These include requirements
pertaining to capital expenditures, the qualification of assets as core manufacturing facilities,
volume cap, the acquisition of existing facilities and the associated rehabilitation requirements,
costs of issuance limitations, maturity limitations and all other associated requirements.

We work with the major national and regional underwriters, banks, financial advisors and
rating agencies utilizing all of the structures commonly employed in these transactions, such
as variable rate demand, letter of credit–backed issues, direct bank purchases, bonds backed
by standby liquidity agreements and/or insurance policies and related structures.


Tax Credit Bonds
Attorneys in the National Public Finance Group in conjunction with our Tax Group are well
positioned to counsel clients in connection with the issuance of the following tax credit bonds:


  •	 original   and new clean renewable          •	 qualified   school construction bonds
    energy bonds                                 •	 Build   America Bonds
  •	 qualified   energy conservation bonds       •	 recovery    zone economic development bonds
  •	 qualified   zone academy bonds


We regularly monitor legislation to provide counsel to issuers, borrowers, underwriters and
lenders involved in financing qualifying projects with tax credit bonds. We believe that tax credit
bonds are cutting-edge financing tools, and we are dedicated to assisting issuers, borrowers,
underwriters and lenders in developing creative structures using tax credit bonds.




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                                 Solar, Wind and Other Renewable Energy Projects
                                 The renewable energy industry has grown considerably in the last few years and is expected
                                 to grow in the future. Local governmental entities and rural electric cooperatives are often the
                                 issuers of bonds for the purpose of financing solar, wind and other renewable energy projects.
                                 Attorneys in the National Public Finance Group use their extensive public finance experience to
                                 provide creative and sound guidance to clients financing such renewable energy projects with
                                 tax-exempt and taxable bonds as well as tax credit bonds. Our National Public Finance Group
                                 has been among the most active participants in the country in structuring clean renewable energy
                                 bonds (CREBs) on behalf of state and local governments and rural electric cooperatives. CREBs
                                 provide a low-cost financing tool for local governments to build power-generation facilities. The
                                 Group has structured CREBs to finance alternative energy projects that produce electricity using
                                 solar, wind, landfill gas and hydropower.




 Tax-Exempt Leasing Clients      State and Local Government Finance Leases and True Leases
•	state	and	local	government     for Equipment and Capital Facilities
•	bank,	non-bank	and	            The National Public Finance Group routinely represents clients in the tax-exempt leasing industry.
  mutual fund investors in       The Group’s clients include state and local governments as lessees; leasing companies; bank,
  tax-exempt leases
                                 non-bank and mutual fund investors in tax-exempt leases; national and regional underwriters for
•	national	and	regional	
  underwriters for major lease   major lease revenue bond and certificate of participation financings; and credit enhancers for tax-
  revenue bond and certificate   exempt leases. Our tax-exempt leasing practice involves traditional types of leased equipment
  of participation financings    for state and local governments, such as vehicles, communication systems and office equipment,
•	credit	enhancers	for	          as well as unique types of leased equipment including computer software, energy management
  tax-exempt leases
                                 systems, aircraft (including joint ownership arrangements) and fiber optics. Chapman and Cutler
                                 has acted as bond counsel, special tax counsel, underwriter’s counsel or investor’s counsel
                                 in tax-exempt lease financings in virtually every state in which this financing technique is
                                 authorized by law.


                                 Secondary Market Securitization of Individual and Pooled Tax-Exempt Obligations
                                 The National Public Finance Group has experience in the securitization of individual and pooled
                                 tax-exempt assets, including bonds, notes, leases and other state and local government obliga-
                                 tions, and in the issuance of synthetic tax-exempt variable rate instruments. The Group also
                                 represents banks, bank leasing companies, non-bank finance companies, equipment vendors,
                                 computer software companies, investment banks and institutional investors in the structuring
                                 and placement of secondary market securitization transactions. These products are particularly
                                 valuable to investors and money market funds seeking short-term tax-exempt investments.




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Chicago                  New York                       Salt Lake City             San Francisco

111 West Monroe Street   330 Madison Avenue, 34th Fl.   201 South Main Street      595 Market Street
Chicago, IL 60603        New York, NY 10017             Salt Lake City, UT 84111   San Francisco, CA 94105
312.845.3000             212.655.6000                   801.533.0066               415.541.0500




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