Practice Areas

Public Finance Law

Barrett McNagny LLP's Public Finance Law team has been involved in a wide variety of municipal and other public finance transactions that have involved taxable and tax-exempt debt, including fixed-rate obligations, variable-rate tender option bond arrangements, revenue and grant anticipation notes, lease structures, and certificates of participation. Our team has experience serving as bond counsel and underwriter's counsel, on both public and private-use bond transactions, and advising banks and other financial institutions in their roles as lenders, trustees, credit enhancers, or liquidity providers.

Our firm is listed as recognized bond counsel in The Bond Buyer's Municipal Marketplace®, more commonly known as the Red Book, which is one of the most comprehensive sources for contact information for municipal bond professionals.

Public finance law 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 use the knowledge and experience 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.

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, 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, 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 law practice is devoted to representing banks providing credit enhancement. Our attorneys have significant experience 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.

Types of Transactions

Various types of transactions in which the Public Finance Law Group has been involved and the roles it has served.

Issuer	Project	Size of Issue	Role
City of Fort Wayne	Variable Rate Demand Economic Development Revenue Bonds to finance the construction of student housing for a local university	$5.4 million	Bond Counsel
City of Garrett, Indiana	Variable Rate Demand Economic Development Revenue Bonds for a new manufacturing facility	$5.7 million	Bond Counsel & Underwriter's Counsel
Allen County, Indiana	Redevelopment District Tax Increment Revenue Bonds	*$9.275 millio*n	Bond Counsel
City of Kendallville, Indiana	Variable Rate Demand Economic Development Revenue Bonds for expansion of existing manufacturing facility.	*$2.4 million*	Bond Counsel & Underwriter's Counsel
Town of Goodland, Indiana	Sewage Works Refunding Revenue Bonds	*$830,000*	Bond Counsel
DeKalb County, Indiana	Variable Rate Demand Economic Development Revenue Bonds for a locally based manufacturer of concrete products	*$6.4 million*	Bond Counsel & Underwriter's Counsel
Allen County, Indiana	Economic Development Revenue Bonds to finance construction and equipping of a new YMCA branch facility	*$4.3 million*	Bond Counsel & Underwriter's Counsel
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	$2 million	Bond Counsel
City of Fort Wayne	Economic Development Revenue Bonds to finance the construction and equipping of new facilities for a local public television station	$3.5 million	Bond Counsel & Underwriter's Counsel
Town of Fowler, Indiana	Waterworks Revenue Bonds, Series A and B	*$1,875,000*	Bond Counsel
Town of Otterbein, Indiana	Waterworks Utility Revenue Bonds	*$995,000*	Bond Counsel
Indiana Health Facility	Financing Authority Variable Rate Demand Revenue Bonds to refund existing indebtedness of 501(c)(3) social service organization	*$4,475,000*	Bond Counsel
DeKalb County, Indiana	Indiana Economic Development First Mortgage Revenue Bonds for a local 501(c)(3) organization	$1,125,000	Bond Counsel
City of Fort Wayne	Municipal lease for a fire station	$1,460,000	Bond Counsel
Mooresville Consolidated School Corporation	Equipment Leases	*$938,000*	Underwriter's Counsel
City of Fort Wayne	Variable Rate Demand Economic Development Revenue Bonds for a locally based manufacturer of modular automation devices and components	$3.2 million	Bond Counsel
City of Fort Wayne	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	$6.2 million	Bond Counsel
Allen County	Indiana Economic Development First Mortgage Revenue Bonds for a locally based manufacturer of heating and air conditioning systems	$3.5 million	Bond Counsel
Town of Grabill, Indiana	Indiana Economic Development First Mortgage Revenue Bonds for a 501(c)(3) organization	*$2 million*	Bond Counsel
Lake George Regional Sewer District	Sewage Works Revenue Bonds	$5,337,000	Bond Counsel
Benton County Government Center Bldg. Cor.	First Mortgage Bonds for the Benton County, Ind., Government Center	$3,705,000	Bond Counsel & Underwriter's Counsel
Town of Winona Lake, Indiana	Economic Development Revenue Bonds for a locally based manufacturer of recreational equipment and furnishings	$1,750,000	Bond Counsel
City of Fort Wayne	Variable Rate Demand Economic Development Revenue Bonds for a locally based manufacturer of precision tooling and equipment	$3.3 million	Bond Counsel
Allen County, Indiana	Variable Rate Demand Economic Development Revenue Bonds for a 501(c)(3) organization	$4 million	Bond Counsel
City of Goshen, Indiana	Adjustable Rate Demand Economic Development Revenue Bonds	$3,250,000	Bond Counsel, LOC Bank Counsel
Whitley County, Indiana	Variable Rate Demand Economic Development Revenue Bonds	$6 million	Borrower's Counsel
Town of Pierceton, Indiana	Economic Development Revenue Bonds	$6 million	Bond Counsel, Original Purchaser Counsel
Whitley County, Indiana	Taxable Economic Development Revenue Bonds, Series A and Series B	*$13,770,000, Series A; $4,865,000 Series B*	Borrower's Counsel
City of Fort Wayne	Indiana Economic Development Revenue Bonds	*$1.8 million*	Bond Counsel & Purchaser's Counsel

Corporate Finance

Issuer's Counsel

As Issuer/Borrower counsel to a Fortune 500 public company, we have represented our client in a number of syndicated Rule 144A debt offerings, registered exchange offers and tender offers.