Terance V. Walsh

My focus

Public Power

I am active in the public power sector, where I work on tax-exempt bond financings involving municipal utilities. Currently I am most involved in commodity prepay financings, where I have experience as bond and underwriter’s counsel in transactions to help municipalities procure long-term and discounted supplies of gas and electricity, including renewable electricity.

Economic Development

I represent industrial development agencies and borrowers in transactions that provide abatements to real property tax and exemptions from mortgage recording and sales tax to incentivize economic development and capital investment in communities. I work with municipalities and developers to structure tax incentives that both stimulate private sector growth and foster additional tax revenues for municipalities. I have extensive experience counseling industrial development agencies on ever-changing compliance issues, letting economic development agencies focus on their mission of encouraging local economic growth.

Tax-Exempt 501(c)(3) Bond Financings

As bond counsel for local development corporations and other municipal bond issuers, I work on bond financings for many nonprofits. My work on these transactions help healthcare providers, continuing care retirement communities, charter schools, institutions of higher learning, and many other nonprofit organizations access tax-exempt capital so they can focus on and carry out their charitable missions. I help issuers, underwriters, and borrowers structure transaction and security documents for financings ranging from construction of new senior living communities to well-established colleges and universities looking to refinance existing debt to achieve significant savings.

Underwriter and Disclosure Counsel

I have significant experience as underwriter’s counsel and disclosure counsel in connection with affordable housing, nonprofit organization, infrastructure, and general obligation financings. In this capacity, I help clients navigate federal and state requirements for offering municipal securities in the primary market.

Looking ahead

Industrial development agencies are well positioned right now to defray escalating construction costs. While the municipal bond market has been challenging, commodity prepay transactions have continued to have success.