David J. Song

My focus

I focus on representing states, counties, cities, school districts, large nonprofit organizations, underwriters, and borrowers on a variety of infrastructure and capital improvement finance transactions, including general obligation bonds, revenue bonds, letters of credit, certificates of participation, and tax and revenue anticipation notes. This includes due diligence reviews for compliance with state, local, and federal laws, drafting offering and underlying legal documents, and researching complex legal issues to assist clients with successfully financing their projects. I have worked with some of the largest issuers in California, such as the State of California, the City of Los Angeles, the Los Angeles County Metropolitan Transportation Authority, and The Metropolitan Water District of Southern California.

Prior to joining the firm, my experience included executing tax and complex regulatory compliance projects for public, private, and government clients, as well as preparing and reviewing corporate, pass-through, and individual amended tax returns and representing clients in examinations before the IRS and California Franchise Tax Board.

Representative experience

• Served as bond counsel to the City of Los Angeles in connection with issuance of $389 million in General Obligation Bonds Series 2022-A (Taxable) (Social Bonds)

Looking ahead

Affordable housing projects, especially in California, have been increasing as of late, and I expect will continue to grow to be a larger segment of transactions going forward. The number of conduit and direct 501(c)(3) transactions for Social and Social Impact Bonds supporting affordable housing projects continues to rise, and affordable housing is top of mind across the country. Like traditional infrastructure projects that must be completed despite rising interest rates, I think affordable housing will follow suit. 

Insights

• Speaker, “Continuing Disclosure”, CDIAC Debt Essentials, Monterey Bay, CA, September 29, 2022
• “NP colleagues, military veterans share their perspectives,” Public Finance Blog, November 21, 2021
• “Municipal Liquidity Facility - Federal Reserve amended and additional guidelines,” Public Finance Blog, May 7, 2020
• “What is the Federal Reserve Municipal Liquidity Facility?” Public Finance Blog, April 28, 2020