Art McMahon, who for many years was the leader of the Public Finance group, has over 39 years of experience in almost all aspects of public finance. He represents municipal issuers, including public authorities and joint action agencies as well as all the major investment banking firms that underwrite municipal securities.
I view my practice as focused, on a big picture basis, on three overlapping areas. As bond counsel, I represent issuers in the public transportation and municipal utilities areas. As underwriter's counsel, I represent national and regional investment banking firms underwriting municipal utility bonds. Finally, as part of both roles and independently, I advise issuers and underwriters on disclosure matters under the federal securities laws.
I have represented the New York State Metropolitan Transportation Authority and its affiliate the Triborough Bridge and Tunnel Authority for over 26 years as bond counsel or special counsel. During that time, I have played a major role in their $10 billion restructuring of all their credits a decade ago. I have also consulted with them in the development of state statutes providing them new financial support and drafted bond resolutions for new credits based on those statutes. In two instances, I assisted in the defense of those credits against court challenges. I have also represented Florida Municipal Agency, a municipal electric utility joint action agency, for over 30 years. I drafted all of the multiple bond resolutions and related contracts securing their bonds for five separate credits.
I have represented and continue to represent a large number of national and regional investment banking firms serving as underwriters of municipal utility securities. I provide them with advice based on my extensive experience with municipal utilities and with the disclosure requirements of the federal securities laws.
As both bond counsel and underwriter’s counsel, I use my long experience with both municipal utility securities and registered public offerings by investor-owned utilities to steer both types of clients through the requirements of the federal securities laws and the increasing scrutiny of the municipal industry by the Securities and Exchange Commission. In the case of one state, I serve in the somewhat unique role of advising the state directly on all disclosure matters without becoming directly involved in the actual bond offerings.
The Securities and Exchange Commission has for a number of years been significantly increasing its enforcement actions in the municipal markets. The need for bond counsel, underwriter’s counsel and disclosure counsel to provide advice and support to issuers and underwriters on individual transactions and on an ongoing basis is going to expand greatly in the next few years.
Harvard Law School, J.D., cum laude
Fordham University, B.A., summa cum laude
U.S. Supreme Court
District of Columbia
Art has received an AV Preeminent® Peer Review RatingTM from Martindale Hubbell®, the highest possible rating for ethics and legal ability.