Travis Gibbs

Travis Gibbs is a partner in the Public Finance group with a practice specialty relating to the tax law requirements attendant to tax-exempt debt. His client base and experience includes the entire spectrum of tax-exempt debt types and structures and related instruments, including revenue bonds, general obligation bonds, certificates of participation, tax and revenue anticipation notes, tax assessment bonds and interest rate swaps and other derivative products.

What do you focus on?

I am responsible for the tax law aspects and concerns of each category of client for which we work in the municipal finance arena, including general governments (cities; counties; and school, college and hospital districts), proprietary governmental agencies (maritime ports; airports; and water, electric and sewer utilities), conduit issuers, conduit nonprofit borrowers and underwriters. Within that broad range of activity, my practice has recently involved significant activity in the following areas.

Direct Purchase Bonds

I have been involved as bond counsel or borrower’s counsel in a number of transactions structured as direct purchases by financial institutions. Many of these transactions involve nonprofit borrowers but also include governmental entities.


Our team and I have recently been involved in a significant number of transactions relating to the financing of general infrastructure, ranging from surface transportation, mass commuting, airport and port, and water and electric utility infrastructure.

Tax Law Compliance

As a result of increased initiatives and audits by the IRS, I have been recently involved with assisting issuers and borrowers with crafting procedures for ensuring compliance and with training. We have also been active in assisting with audits and voluntary compliance agreements where there has been inadvertent noncompliance.

What do you see on the horizon?

The need to address our aging infrastructure will result in continued and increased activity in the financing of infrastructure projects, including continued interest in identifying opportunities for joint efforts with the private sector.

In addition, the post issuance compliance focus will continue for some time, both in the context of training and compliance procedure development and in enforcement actions such as audits.

Changing circumstances reduced demand for California school note program

The Bond Buyer | April 29, 2021

This article, on the California School Finance Authority’s borrowing program created to help school districts manage pandemic-driven budget deferrals, mentions NP as disclosure counsel for notes issued in March and April for elementary, high school, and community college districts. Los Angeles partners Rudy Salo and Dan Deaton, and San Francisco partners Travis Gibbs and Graham Beck, all of the Project Finance & Public Finance group, advised CSFA in this deal. Update: New York Bankruptcy & Restructuring partner Robert Christmas also advised CSFA in this deal.

Los Angeles makes tender offer ahead of taxable MICLA refunding

The Bond Buyer | February 18, 2021

This article mentions the firm as bond counsel on the City of Los Angeles’ hybrid tender offer and refunding related to the Municipal Improvement Corporation of Los Angeles lease revenue bonds. The NP team includes Los Angeles partners Jade Turner-Bond and Dan Deaton; San Francisco partner Travis Gibbs; Washington, D.C. associate Joel Swearingen; and Los Angeles associate David Song—all of the Project Finance & Public Finance group.

With budget in rearview, Cook County turns sights to borrowing plans

The Bond Buyer | December 22, 2020

This article mentions the firm for serving as bond counsel to Cook County, IL, in its new money and refunding deals totaling about $600 million. The NP team included Chicago partner Julie Seymour, San Francisco partner Travis Gibbs and New York City counsel Abbie Olsen, all in the Project Finance & Public Finance group.

SFO prepares bond refunding as airport rides out pandemic

Bond Buyer | July 30, 2020

This article about San Francisco International Airport (SFO) and its preparations for a $291 million bond refunding deal mentions NP as disclosure counsel. San Francisco partner Travis Gibbs and Los Angeles partner Dan Deaton and counsel Heather White, all of the Project Finance and Public Finance Group, advised on this matter.


Travis Gibbs


San Francisco

Phone: 415-984-8336

Fax: 866-599-4729

University of Texas at Austin, J.D.

University of Florida, B.A.


Travis was selected, through a peer-review survey, for inclusion in The Best Lawyers in America© 2022 in the field of Public Finance Law, and was Best Lawyers 2022 “Lawyer of the Year” for Public Finance Law in San Francisco, CA. He has been listed in Best Lawyers since 2020.

Travis Gibbs is a member of the American Bar Association, Section of Taxation, Tax-Exempt Committee (Past Secretary), Past Member, Steering Committee for the Bond Attorneys Workshop sponsored by the National Association of Bond Lawyers, and a member of the National Association of Bond Lawyers.

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