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Introduction
Rudy Salo serves as counsel on a broad range of community impact financings involving governmental entities, transportation systems, educational institutions, cultural institutions, and entertainment venues. His practice includes advising lenders in structuring various lending facilities throughout California and the United States, often involving real estate or other collateral. He also has experience in advising new mobility companies.
My focus
Bank Counsel and Commercial Lending
I have significant experience in representing commercial banks in providing loans to governments and nonprofits, as well as credit and liquidity facilities in support of tax-exempt and taxable municipal securities. I also advise on the various issues that arise in connection with transactions that use real estate as collateral. I have represented numerous banks throughout the country in such transactions, including in California, Nevada, New York, Massachusetts, Washington, Arizona, and Oregon.
Transportation
Much of my work involves financings related to transportation, including significant funding transportation projects with a variety of funding sources. These projects include serving as bond and disclosure counsel to Caltrain in connection with its electrification process, underwriter’s counsel on numerous Bay Area Toll Authority toll road financings; and disclosure counsel to the State of Nevada in connection with its highway revenue bonds. My representations include the San Mateo County Express Lanes Joint Powers Authority in connection with the financing of the Highway 101 Express Lanes Project; banks in providing credit facilities and loans to various transit agencies, including the Riverside County Transportation Commission, San Diego Regional Transportation Commission, Victor Valley Transit Authority, and San Luis Obispo Regional Transit Authority; the USDOT as a lender in the financing of the extension of the 91 Express Lanes into Riverside County, California; the Dallas Area Rapid Transit’s Orange Line extension to Dallas-Fort Worth Airport; financial restructuring of the South Bay Expressway (State Road 125) toll road in Southern California upon its emergence from bankruptcy; and the sale and financing of State Road 125 to the San Diego Association of Governments.
Education Financing
I have significant experience in both short- and long-term financings for school districts, community college districts, charter schools, private schools, and universities throughout the country. These financings include serving as bond counsel, underwriter’s counsel, disclosure counsel, and lender’s counsel in the issuance of general obligation and revenue bonds, as well as direct placements/loans.
Looking ahead
I see changes needed in how to finance transportation projects throughout the country, including the infrastructure to accommodate driverless car technology and the expansion of broadband infrastructure/deployment.
Insights
Presentations
- “The state of climate change disclosure: issuer approaches and practices,” California Public Finance Conference, October 26, 2020
- “Part Two of Living in a Post-COVID-19 World: Navigating the Implications on Commercial and Residential Real Estate Laws in Light of the Pandemic,” House of Lebanon and Arab American Lawyers Association of Southern California, webinar, June 30, 2020 (co-presenter)
- Keynote Address at the Redefining Mobility Summit, Contra Costa County Transportation Commission, March 10, 2020
- “Rethinking City Spaces,” Bond Buyer Transportation/P3 Conference, Denver, Colorado, November 14, 2019
- “Technology Panel: The Path to More Efficiency and Greater Transparency”, Speaker, The Bond Buyer’s California Public Finance Conference, San Francisco, CA, September 25, 2019
- “Tech Chats & Panels with Mobility Leaders & Investors,” Silicon Dragon LA, Los Angeles, CA, July 25, 2019
- “New Modes of Transportation: The Potential,” Bond Buyer Transportation Finance/P3 Conference, Dallas, TX, November 29, 2018
- “Autonomous Vehicles,” Bond Buyer California Public Finance Conference, October 2, 2018
- “Transit Innovation,” Silicon Dragon LA, Pasadena, CA, July 2018
- “Cross-Sectoral Perspectives,” Future Directions in U.S. Municipal Infrastructure Finance, Cambridge, MA, June 5, 2018
- “Avoiding Critical Municipal Bond Pitfalls,” National Business Institute—Local Government Law from Start to Finish, Santa Ana, CA, December 2017
- “Navigating Open Meeting Law Compliance Issues,” National Business Institute—Local Government Law from Start to Finish, Santa Ana, CA, December 2017
- “Private Placements: More Permanent Part of the Landscape,” Bond Buyer California Public Finance Conference, Carlsbad, CA, September 2017
- “Hot Topics in the Middle Market | Investing Outlook: Challenges and Opportunities in the Cannabis Industry,” Nixon Peabody Seminar, June 2017
- “Real estate and finance: The what, where, and how of technology’s impact,” Nixon Peabody Annual MCLE Seminar, Los Angeles, January 2017
- “Carmageddon: The impending Impact of Driverless Cars,” MFI Institute, November 2016
- “Financing Options: Which Type of Debt is Best for You Part II,” CDIAC, October 2016
- “Direct Lending,” Bond Buyer 26th California Public Finance Conference, September 2016
- “Financing of Public Infrastructure,” California Council of Economic Advisors, Los Angeles, CA, May 2016
- “Direct Lending,” Bond Buyer 24th California Public Finance Conference, October 2014
- “Direct Lending," Bond Buyer 23rd California Public Finance Conference, September 2013
- “Toll Roads (HOVs),” Bond Buyer 22nd California Public Finance Conference, October 2012
- “Liquidity Facilities and Other Short-Term Financing Tools,” Bond Buyer 21st California Public Finance Conference, September 2011
- “Current Practices in School Debt Finance: A School Debt Finance Seminar for Business Officials in the Central Valley,” California Debt and Investment Advisory Commission, February 2010
Recent Publications
- “2023 Transportation Trends That Could Impact The Future Of Transportation,” Forbes, January 2023
- “Four Things Needed To Make Robotaxis Successful in Los Angeles,” Forbes, October 2022
- “Three Ways Inflation May Impact Future Transportation Choices,” Forbes, June 2022
- “Has The Gas-Powered Vehicle Addiction Finally Reached A Tipping Point?,” Forbes, April 2022
- “Tumultuous markets, rising interest rates, and private placements in debt approval resolutions,” Nixon Peabody Article, March 2022
- “More Than A Sky High Dream: Making Flying Cars Part Of Our Future Transportation Infrastructure,” Forbes, February 2022
- “Why The Future Of Transportation Needs A National Investment In Broadband Infrastructure,” Forbes, December 2021
- “The Role Of Transportation In The Lake Tahoe Caldor Fire And Other Climate Change Catastrophes” Forbes, August 2021
- “Four Pandemic Transportation – Impacting Pivots That Should Be Permanently Adopted” Forbes, June 2021
- “The Dark Side Of Electrification: Suburbs 2.0?,” Forbes, April 2021
- “The Dark Side Of Electrification, Part 1: EVs Could Negatively Impact U.S. Infrastructure Funding” Forbes, February 2021
- “Four Key Transportation Matters To Watch On Election Day” Forbes, October 2020
- “The Covid-19 Era Sheds Light On Transportation’s Climate Change Impact,” Forbes, October 2020
- “Has Covid-19 And Its Accelerated Work-From-Home Experiment Permanently Changed The Future Of Cities?,” Forbes, July 31, 2020
- “COVID-19 And The Future Of Development And Commuting In Los Angeles,” Forbes, April 30, 2020
- “Five ways COVID-19 May Impact the Future of Infrastructure and Transportation,” Forbes, March 31, 2020
- “Four mobility takeaways from CES 2020,” Forbes, February 1, 2020
- “Boomers exiting the suburbs could help transform infrastructure and land-use policy,” Forbes, January 16, 2020
Podcasts & Videos
- “Transportation’s futuristic push suffers growing pains,” The Bond Buyer Podcast, February 27, 2023
- "Legislative momentum to restore advance refundings," July 30, 2020
- "Municipal bond deal closing times during COVID-19," July 30, 2020
- "The rise of taxable municipal bond deals," July 30, 2020
- "What are Cinderella Bonds," July 30, 2020
In the news
- News alert for February 7, 2023 The Bond Buyer Podcast
Transportation’s futuristic push suffers growing pains (podcast)
Feb 7, 2023Los Angeles Project Finance & Public Finance partner Rudy Salo joins this episode of the podcast to discuss funding and logistical challenges California and the rest of the country face with plans for high-speed rail and electrical vehicle charging networks while incorporating more traditional mass transit.
Click here to listen to this episode.
- The Bond Buyer
Rising interest rates tops list of muni concerns in 2022
This article on the biggest concerns facing the public finance industry in 2022 quotes Los Angeles Project Finance & Public Finance partner Rudy Salo for his outlook on possibly seeing much more taxable debt related to infrastructure, depending on whether interest rates go up and by how much.Jan 11, 2022 - The Bond Buyer
Changing circumstances reduced demand for California school note program
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.April 29, 2021 - The Bond Buyer
Investors want more standardized, robust climate change disclosure
This article on The Bond Buyer’s California Public Finance Conference Monday, which focused on how climate change will affect investors and rating agencies, quotes Los Angeles Project Finance & Public Finance partner Rudy Salo on the impact of Exxon Mobil’s litigation against California issuers on municipal markets.Oct 26, 2020 - Rockefeller Institute of Government
COVID-19 Could Change the Future of Transit Funding
In this article on how COVID-19 could impact transit funding, Los Angeles Project Finance & Public Finance partner Rudy Salo is quoted for his outlook on ridership in the Bay Area.July 7, 2020 - Governing.com
How federal tax reform has impacted real estate
Los Angeles Public Finance and Project Finance partner Rudy Salo says the impact of federal tax reform, which included a $10,000 cap on the deduction for state and local taxes, on the real estate market has not been as dire as predicted.May 20, 2019 - Governing.com
Federal Tax Reform May Be Saving Money for States, Even High-Tax Ones
This article about the federal tax reform’s impact on states quotes Los Angeles Project Finance and Public Finance partner Rudy Salo discussing the long-term effects it may have on government debt and how voters may react to bonds in the future.April 12, 2019 - Los Angeles Business Journal
Train’s fate no deterrent: High-speed rail contracts proliferate
Los Angeles Project Finance and Public Finance partner Rudy Salo is quoted in this story about the benefits and accompanying uncertainty for small businesses involved in large-scale infrastructure projects.Feb 12, 2019 - Bond Buyer
Cannabis revenue is below California’s expectations, but growing
Los Angeles Project Finance and Public Finance partner Rudy Salo is quoted in this article on the medium-term outlook for cannabis businesses, which may get a boost from a variety of political factors that could lessen the federal government’s resistance to legalization.Jan 3, 2019 - Governing
Issues to Watch: 18 of the biggest policies and problems legislatures will confront in 2019
Los Angeles Project Finance and Public Finance partner Rudy Salo is quoted in this article discussing how taxpayers across the country are likely to pay higher bills this April due to the new $10,000 cap on federal deductions for state and local taxes.Jan 1, 2019 - The Bond Buyer
How autonomous vehicles disrupt transportation planning
Los Angeles Project Finance and Public Finance partner Rudy Salo is quoted in this article on how autonomous vehicles will impact the future of transportation planning.July 27, 2018 - The Bond Buyer
The Jetson effect on transportation
Los Angeles Project Finance and Public Finance partner Rudy Salo provides his perspective on how driverless cars will impact mass transit planning in this Bond Buyer podcast.July 24, 2018 - Medium.com
“I am an Arab American.”
Los Angeles public finance partner Rudy Salo, an Arab-American with family roots in Lebanon, wrote this piece about the importance of the California State Senate’s recent resolution declaring Arab American Heritage Month.May 9, 2018 - GlobeSt.com
Demand for Esports-Friendly Venues to Grow
Los Angeles public finance partner Rudy Salo and Washington DC public finance associate Noah Lebowitz authored this column about the growing demand for esports venues and the opportunities it presents for communities and developers.Feb 23, 2018 - Civic Business Journal
Executive interview with Nixon Peabody attorney Rudy Salo
This Q&A features Los Angeles public finance partner Rudy Salo and highlights his educational background, career, legal practice and his outlook on the public finance sector.Oct 16, 2017 - The Bond Buyer
Why Dealers are Struggling with Proposed Markup Disclosure
Los Angeles public finance partner Rudy Salo is quoted in this feature story discussing the struggle facing dealers as they try to comply with the Municipal Securities Rulemaking Board's proposed markup disclosure requirements.Sep 23, 2016 - The Bond Buyer
Rising Stars
Los Angeles public finance partner Rudy Salo is recognized among The Bond Buyer’s 2016 Rising Stars.Sep 21, 2016 - Law360
Driverless Cars Pave the Way for Real Estate Development
Los Angeles partners Justin Thompson, Rudy Salo and associate Daniel Eliav co-authored this piece discussing the potential impact driverless technology could have on real estate development as well as infrastructure financing.April 7, 2016 - The Beach Reporter
Manhattan Beach eyes Silicon Beach boom
This coverage notes Los Angeles public finance partner Rudy Salo’s new role on the Economic Development Advisory Council.March 18, 2016 - Law360
Real Estate Crowdfunding Needs Compliance and Creativity
Los Angeles Public Finance partner Rudy Salo is quoted in this article discussing growing interest in real estate crowdfunding.March 19, 2015 - Law360
Cities, States Consider Tapping Investors Via Crowdfunding
Los Angeles Public Finance partner Rudy Salo is quoted in this story discussing increasing interest among state and local governments in crowdfunding.Jan 20, 2015
Admitted to practice
California
Education
Georgetown University Law Center, J.D.
University of California, Los Angeles, B.A., magna cum laude
Professional activities
Rudy Salo is a member of the National Association of Bond Lawyers, the Los Angeles County Bar Association, a board member the Arab American Lawyers of Southern California and the American Bar Association.
Languages
Arabic, Spanish
Insights And Happenings
View AllPodcast
Financing climate adaptation
Professionals in the Practice Area
View AllVirginia Wong
Partner / Practice Group Leader, Project Finance and Public Finance- New York
- Office:212.940.3028
- vwong@nixonpeabody.com
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Julie K. Seymour
Partner / Strategic Impact Partner- Chicago
- Office:312.977.4353
- jkseymour@nixonpeabody.com
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Mitchell Rapaport
Partner- Washington DC
- Office:202.585.8305Mobile:202.288.4005
- mrapaport@nixonpeabody.com
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