Our expertise | Finance & Capital Management

Public & Infrastructure Finance

We operate at the intersection of business, government and public policy.

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We are unrivaled in the combination of our expertise in public finance, public-private infrastructure procurement, finance and development, and public policy. Our project development and financing capabilities are industry focused and complemented by a full range of practice specialties, which are combined seamlessly to bring to bear for the benefit of our clients the most appropriate expertise, knowledge and skills, wherever those resources may be located.

We have been a nationally recognized bond counsel firm in the US since the beginning of the 20th century and are consistently ranked by an affiliate of Thomson Reuters among the top bond, disclosure and underwriters’ counsel firms in the country.

Our public finance lawyers use sophisticated tools to achieve client goals including public and private bond offerings, tax increment financing, new markets, historic and low income tax credits, swaps and other financial derivatives, and a variety of economic development programs. We are experienced in the financing of every category of public infrastructure, including cultural and nonprofit institutions, education and healthcare facilities, airports, renewable energy projects, sports and entertainment venues, and solid waste, drinking water and pollution control facilities. Whether infrastructure is to be procured, developed and financed through public-private partnerships (PPP or P3) or directly by governmental bodies or nonprofit entities, our lawyers are experienced in identifying issues and overcoming challenges.

The demand for new public infrastructure and the expansion and reconstruction of existing infrastructure is global and growing rapidly. There is increasing overlap and convergence between the international and US models for providing public infrastructure and services, particularly in the use of P3 structures and public-public-private partnerships (P4), which combines P3 structures with tax-exempt financing.

Capabilities

US Public Finance

We have one of the largest, most diverse and highly regarded public finance practices in the US. We have been a nationally recognized bond counsel firm for more than 110 years.

We serve as bond, borrower, disclosure and underwriters' counsel on billions of dollars of the nation’s largest, most complex and innovative tax-exempt financings every year. Our consistent ranking among the top 10 bond counsel firms in the nation (based upon independent rankings compiled and published by Thomson Reuters) is a reflection of the exceptional service that we bring to each one of our clients.

These rankings reflect more than simply the volume of transactions handled by us year after year. They are evidence of the consistent quality of service rendered by the firm and the accumulated experience we draw upon to serve clients efficiently, effectively and creatively.

Our team of more than 60 public infrastructure and finance lawyers are based in Cincinnati, Cleveland, Columbus, Denver, Los Angeles, Miami, New York City, Phoenix, San Francisco, Tampa and Washington DC. We have rendered opinions as bond counsel on tax-exempt obligations issued in 36 states and at all governmental levels. The capacity of our lawyers to achieve your objectives within the requirements of the federal tax law is significantly enhanced by the problem-solving approach of our seven-member public finance tax group, one of the largest of any law firm. Distinguished by inventiveness and commitment to client service, our tax lawyers pride themselves on working collaboratively with our transaction lawyers to find a way to overcome obstacles and achieve our clients’ objectives.

Public Policy

Our preeminent US federal Public Policy Practice further distinguishes us from any other firm involved in US public infrastructure procurement, finance and development. Our representation of many states and local governments across the US allows us to provide our clients with a unique understanding of the practical realities of obtaining desired action from the US government and its agencies and departments. Our work includes the design of federal infrastructure funding and incentive programs and finding ways to maximize the funding for which state and local governments can qualify. The US government is enormous and complex, with a multitude of different agencies and programs that possess resources available to support project development, and we are intimately familiar with all of them.

Practice Expertise

  • Airports and transportation

  • Community development and affordable housing

  • Derivatives and other financial products

  • Economic development

  • Education

  • Energy

  • Healthcare finance

  • Hotels & convention centers

  • Ohio K-12 school finance

  • Public-private partnerships (PPP/P3)

  • Public policy

  • Public sector fiscal distress

  • Securitizations

  • Solid waste, industrial sewage and pollution control

  • Sports and leisure facilities

Our focus areas

Affordable housing

We have one of the most comprehensive affordable housing practices in the US. In addition to representing participants in virtually every facet of the acquisition, and development and operation of affordable multifamily and senior housing projects, we have represented tax credit investors and lenders in both the acquisition and disposition of troubled properties, including the sale of entire portfolios of troubled assets.

A 360-degree Perspective on Multifamily Affordable Housing Finance for More Than 25 Years

  • Bond counsel, issuer counsel, underwriters’ counsel, purchaser counsel and special tax counsel experience on hundreds of affordable housing finance transactions in more than 30 states and the District of Columbia

  • Substantial developer counsel, tax credit investor counsel, lender counsel and federal regulatory experience

  • Active in industry trade and advocacy associations

  • Frequent speakers at local and national conferences

  • Experienced with federal loan programs, public underwriting and private placements

Assisting Clients With the Full Range of Affordable Housing Financings

  • Collateralized short-term bond issues

  • Public bond offerings and direct and private placements

  • Bonds issued in connection with federally insured loans under the 221(d)(3), 221(d)(4), 223(a)(7), 223(f), 231, 232 and 242 programs

  • Fannie Mae and Freddie Mac credit enhanced issues and direct purchase programs

  • 501(c)(3) Multifamily Housing Bonds

  • Mixed use financings involving multiple tax credit programs, including historic rehabilitation tax credits and new markets tax credits

  • Affordable Assisted and Senior Living projects

  • Federally Assisted Municipal Housing Authority Projects under RAD and other HUD programs

Community and economic development

We have represented public and private sector clients in economic development projects for more than 50 years. We render legal services related to public-private partnerships (PPP or P3), taxable and tax-exempt bonds, urban renewal, brownfield reclamation, tax increment financing, tax abatement, special assessment and special district proceedings, loans and grants, legislative services, structured and project finance, new market and historic tax credits, clean and renewable energy, and other development-related services. Drawing on our combination of deep local experience and global resources, we provide practical and effective advice to both governmental and private participants, including developers, host and other affected jurisdictions, issuers, financial institutions, investors and other participants on all aspects of economic development projects.

Our particular expertise includes:

  • Overall legal analysis and planning of projects: public and private components, financing sources and options, legal documentation, legislative actions, staging and scheduling

  • Analysis of applicable public body legal powers required and available for the provision of governmental economic incentives

  • Advice and assistance pertaining to legal title, land assembly and environmental issues

  • Advice concerning the structuring of project property rights, including the sale or lease of property for development, lien issues and any public contracting requirements

  • Advice and assistance relating to alternative or special purpose governmental entities, including establishment of and financing by such authorities

  • Negotiation and preparation of development and other agreements with private developers or companies and cooperative agreements with other public sector participants

  • Preparation of local authorizing legislation and any necessary state enabling legislation

  • Assistance with the issuance of tax exempt or taxable obligations, or accessing and government loan and grant programs, to finance public facilities, infrastructure improvements, or some or all of the private development project

Healthcare finance

We have one of the most active healthcare finance practices in the US. Our healthcare finance lawyers regularly serve as bond, underwriters’, borrowers’ and issuers’ counsel for financings benefiting stand-alone community hospitals, children’s hospitals, continuing-care facilities and health systems of all sizes. The financings range from fixed-rate transactions to all types of variable rate products; derivative products; public offerings, private placements and Rule 144A offerings; new issues and conversions, as well as bond exchanges; and tax-exempt, taxable and tax credit structures.

Why Choose Us?

  • We offer clients both a top-rated Public & Infrastructure Finance Practice and a nationally recognized Healthcare Group, a combination no other law firm can boast.

  • Our finance lawyers have extensive experience structuring and negotiating a full spectrum of healthcare transactions and drafting supporting instruments. They are highly skilled and experienced at all stages of an engagement, ranging from educating our clients on the steps and time involved in a deal process to managing expectations along the way.

  • We understand that the healthcare industry is a rapidly changing environment and, in light of that, our healthcare clients need more than finance lawyers. Our Healthcare Finance Practice is further strengthened by the firm’s deeply knowledgeable Securities, Corporate and Tax Strategy & Benefits Practice Groups.

  • As a result, our clients trust and appreciate our experience, industry expertise and unparalleled access to hundreds of specialized lawyers across the nation.

Higher education/cultural facilities

Our financial services lawyers and public policy professionals advise dealers and end-users on transactions involving the full range of derivative products and related regulatory requirements. We also advise clients on the most important regulatory and policy issues facing them today, including the implementation of new CFTC rules related to the negotiation, execution, clearing and reporting of swaps and security-based swaps.

K-12 Education

For more than a century, we have represented Ohio school districts as bond counsel and in connection with labor and employment, special education and other school law issues. With more than 25 members in our K-12 school law team, our lawyers routinely represent more than 200 Ohio school districts to provide sound and practical advice on school finance, school construction projects, student services and labor and employment matters.

Public Finance and Construction

We draw upon our depth of knowledge and experience in public finance, tax, and construction law to assist school districts with a wide variety of complex issues, including the following key focus areas:

  • Voted and un-voted general obligation bonds and notes

  • Certificates of participation lease-purchase financings

  • HB 264 energy conservation improvement financings

  • Equipment lease-purchase financings

  • Tax anticipation notes

  • Bond issue and tax levy proceedings

  • Original and continuing disclosure as required by SEC rules

  • Post issuance compliance with federal income tax requirements

  • Accounting and audit issues

  • Construction procurement and construction litigation

  • Real estate

Labor, Employment and Education

The expanse of our labor, employment and education team enables us to guide districts through a full spectrum of legal issues, giving due consideration to how decisions impact students, staff and the community at large. Our expertise includes:

  • Collective bargaining

  • Workers’ compensation

  • Employment matters

  • Student discipline

  • Tuition/residency issues

  • Bullying and harassment

  • Transgender issues

  • Special education matters

  • Employee benefits and federal income tax matters

  • Deferred compensation plans

  • Payroll tax withholding matters

  • ACA requirements

  • Free speech and other First Amendment matters

  • Legislation

  • Open meetings, public records and ethics issues

  • Copyright and intellectual property

  • Environmental law

  • STRS and SERS contributions and benefit issues

Ohio local governments

The firm has counseled Ohio local governments for more than 125 years. Drawing on collective and institutional expertise, our Ohio local government team of more than 25 lawyers and professionals serves more than 285 Ohio counties, cities, villages, townships, airport and port authorities, transit authorities, library districts, park districts and other political subdivisions. We have the oldest, largest and most broad-based local government practice of any law firm in Ohio.

Public Finance

Our practice encompasses all varieties of public finance transactions, including general obligation and revenue financings, competitive and negotiated public offerings, direct purchases and private placements, multimodal and variable rate tender obligations, transactions involving credit enhancement facilities such as bond insurance, letters of credit and liquidity facilities, certificates of participation, municipal infrastructure projects including projects for airports and water, sewer and electrical systems, and other financings. We serve as bond counsel on transactions ranging from under US$250,000 to more than US$5 billion, providing the same level of service regardless of dollar size. Our public finance tax lawyers provide federal tax law assistance on financings. We also have represented many Ohio issuer clients in connection with post-issuance tax compliance matters, and have defended clients in random IRS audits of their bond issues.

In addition to our market-leading bond counsel practice, our team regularly serves as underwriter’s counsel for national and regional underwriters of bonds issued by Ohio political subdivisions and bank counsel for national and regional banks purchasing bonds issued by Ohio political subdivisions.

Economic Development

We have represented Ohio local governments and their private sector partners in economic development projects for more than 60 years. We render legal services related to urban renewal, brownfield reclamation, tax increment financing, community reinvestment areas, tax abatements, new community authorities, special assessment and special district proceedings, loans and grants, structured and project finance, clean and renewable energy, and other development-related services. More information about our economic development practice can be found here.

Legislation and Public Policy

In addition to our public finance and economic development experience, our team has extensive experience in drafting state legislation on behalf of municipal clients, and in assisting municipal clients with charter amendments or the creation of municipal charters. We also have an extensive public policy practice, representing the interests of local governments (and private sector entities) with the Executive Branch and the Legislative Branch in Columbus (and Washington DC).

Other Services

Other services we provide to local government clients include:

  • Construction (including competitive bidding and contracting)

  • Election proceedings

  • Ethics advice

  • Sunshine (open meetings and public records)

  • Municipal income tax proceedings

  • County sales tax proceedings

  • Public-private partnerships

  • Intergovernmental cooperation and agreements

  • Labor and employment

Transportation (Air/surface)

Over the past two decades, global competition for capital investment has accelerated, requiring innovative approaches to improve basic transportation infrastructure. This change necessitates fresh perspectives and has led to consideration of new approaches across the US and around the world on infrastructure development and finance. We have the ability to deliver locally, anywhere in the world, in planning, financing and implementing infrastructure projects, including roadways and mass transit systems, airports, ports, heavy and light railways, and communications facilities.

Why Choose Us?

  • Advise with respect to issues that may involve significant, little or no precedent

  • Review, draft, negotiate, amend and modify legal documents such as bond indentures, loan agreements, lease agreements, official statements and intercreditor agreements

  • Assist with arbitrage and rebate counseling and compliance

  • Advise on state constitutional and statutory issues relating to infrastructure financings

  • Advise on federal statutory issues relating to infrastructure financings

  • Advise with respect to federal securities and disclosure law requirements

  • Financing sources and innovative funding mechanisms

  • Risk management and allocation

  • Negotiation and preparation of P3 agreements and other contractual matters

  • Compliance regarding public law, local law, labor, planning, real estate, environmental, intellectual property and other operational legal issues

  • Taxation and exemption

  • Dispute resolution

Water and wastewater

The water and wastewater team is a key component of our Public & Infrastructure Finance Practice. We regularly represent municipal and regional water and wastewater systems and state revolving loan funds across the nation in meeting infrastructure financing needs, employing the full range of available financing options and techniques.

Since 2010, we have acted as bond/co-bond, disclosure or underwriters’ counsel on more than 140 bond or note issuances in the water/wastewater sector. These financings have an aggregate value of more than US$10 billion. With a transactional volume of this magnitude, we are fully knowledgeable about the state and federal laws applicable to financings for water and wastewater facilities, as well as emerging financing trends and developments in the environmental area and related regulatory fields. This breadth and depth of experience allows us to anticipate and address the concerns and requirements of issuers, underwriters, bank lenders, institutional investors and rating agencies. Our knowledge base informs our participation in the preparation of disclosure documents that reflect not only legal requirements but also industry standards and trends.

Recognitions

Current

Listed in The Bond Buyer’s Red Book since its inception in the 1940s

The Bond Buyer

2025

Ranked Top 10 Nationally as Bond Counsel for more than 25 years

2020

Law Firm of the Year award in Public Finance Law

U.S. News & World Report

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