and Peace of Mind
Public finance transactions are sophisticated and complex and require the assistance of an attorney with ample experience in creating and executing public financing plans and other issues related to public debts. Patrick McGlashan of McGlashan Law, P.C. is a seasoned New York public finance attorney who possesses deep knowledge and understanding of New York’s public finance laws, and if he represents your organization, he can help you to take the actions necessary to protect your interests. Mr. McGlashan’s office is in Manhattan, and he regularly represents parties with public finance matters throughout New York.
New York City’s infrastructure requires a vast number of repairs each year, which costs billions of dollars. While some of the funds needed for such improvements comes from state or federal programs, most of it comes from debt financing, and New York City is one of the biggest issuers of municipal bonds in the United States.
Typically, the issuer of a municipal bond will retain bond counsel to offer an assessment of the debt. Bond counsel generally provides a legal opinion regarding whether the bond is valid, the security for the bond, and whether interest on the bond is exempt from taxes under state or federal law, and if so, to what extent. This opinion not only protects the bondholder’s interests but can help to insulate the issuer of the bond from liability.
The issuer will also typically retain disclosure counsel to aid them in complying with disclosure obligations. In other words, disclosure counsel assists issuers in drafting primary offering documents and secondary market disclosure filing and ensures that they do not include untrue statements or fail to set forth material facts that are necessary not to make such statements misleading in consideration of the scenario under which they were made. Disclosure counsel can ensure compliance with any continuing disclosure obligations as well.
The underwriter for the bond will typically also retain an attorney. The underwriter counsel has many duties, including evaluating the issuer’s bond resolution and documentation, assessing whether the disclosure in the official statement is adequate and accurate, and preparing the official statement and purchase contract for the sale of the bonds to the underwriter. The underwriter counsel can also prepare due diligence questions for the issuer and offer input on the issuer’s counsel’s legal opinion.
Public finance matters benefit from the assistance of innovative and experienced attorneys to prevent oversights and omissions that negatively impact the parties’ rights and obligations. If you need help with a public finance issue, it is in your best interest to speak to an attorney. Patrick McGlashan, the founder and managing attorney of McGlashan Law Firm, P.C., is a knowledgeable attorney with broad experience handling public finance matters.