Public Finance



We provide practical advice and creative solutions to achieve our clients’ business goals in a rapidly changing financial marketplace, navigating them clear of structuring pitfalls and regulatory issues.

Our approach

Nixon Peabody’s Public Finance group has a national reputation for innovative work in financing a wide range of municipal and infrastructure projects—from mass transit and hospitals to baseball stadiums, student loans, public power and housing.

We are consistently ranked among the nation’s top bond, underwriter’s and disclosure counsel in dollar value of bonds issued.

As part of one of the largest public finance practices in the U.S., our attorneys provide knowledge, versatility and creativity to clients for any financing need, including assistance with federal tax law issues.

Who we work with

  • State and local governments
  • Underwriters
  • Private placement agents
  • Bond insurers
  • Banks
  • Corporate and nonprofit obligors

Recent experience

  • Commonwealth of Massachusetts: Nixon Peabody serves the Commonwealth of Massachusetts as its bond counsel, underwriter’s counsel and swaps/derivatives counsel. The firm served as bond counsel to the Commonwealth in connection with issuance of over $1 billion in general obligation from 2010 through 2013 in addition to its $1 billion Accelerated Bridge Program, which was selected as 2011 “Deal of the Year” by The Bond Buyer. Other entities we serve within the Commonwealth include Massachusetts School Building Authority, Massachusetts Water Pollution Abatement Trust, Massachusetts Development Finance Agency, University of Massachusetts Building Authority and Massachusetts Municipal Wholesale Electric Company.
  • Goethals Bridge Replacement: Lenders’ counsel in connection with the issuance of tax-exempt bonds to fund the replacement of the Goethals’ Bridge and the demolition of the existing bridge for the benefit of the concessionaire in connection with a public private partnership transaction with the Port Authority of New York and New Jersey.
  • Iowa Fertilizer Corporation: The firm recently served as underwriter’s counsel on a project financing for a $1.8 billion nitrogen-based fertilizer production plant owned by Iowa Fertilizer Company LLC (IFC) and located in Lee County, Iowa. IFC is an affiliate of OCI N.V., a global nitrogen-based fertilizer producer and engineering and construction company based in Amsterdam, the Netherlands. The financing involved the issuance of $1.2B of non-investment grade, tax-exempt bonds through the Iowa Finance Authority—the largest such financing in the tax-exempt market in U.S. history.
  • New York’s Metropolitan Transportation Authority and Triborough Bridge and Tunnel Authority: New York’s MTA and the Triborough Bridge and Tunnel Authority (“TBTA”) have a common board and principals in the firm have served as disclosure counsel and bond counsel for both entities for decades, including on their 2002 $14 billion debt restructuring, the largest in municipal bond history. MTA is North America’s largest public transportation provider and TBTA operates seven vehicle bridges, two tunnels and other public facilities in New York City.
  • Whitney Museum of American Art: In 2011 we served as institution’s counsel to the Whitney Museum of American Art, which closed on $125 million financing in a new bond issue through The Trust for Cultural Resources of the City of New York. The firm advised the institution on the structure of the fixed rate bond issue. The financing, done on the museum’s own “A” rating, was one of 2011’s most noteworthy for New York cultural institutions. Proceeds of the issue will be used to finance construction of the museum’s new facility downtown in the Meatpacking District.
  • Washington Metrorail Extension: The firm served as underwriters’ counsel and prepared, in that role, the initial draft of MWAA’s trust indenture for the Dulles Airport rail project providing for the extension of Washington Metrorail system to Dulles International Airport. We played a major role in structuring this financing and in negotiating critical revisions to Virginia Department of Transportation’s Permit and Operating Agreement in order to make the project financeable. We were subsequently appointed to serve as bond counsel to MWAA for this credit and in 2010 we served in that role on MWAA’s issuance of additional debt.
  • San Francisco 49ers: Representation of underwriters in the syndicated construction loan for the new stadium for the San Francisco 49ers of the NFL. We were involved in the review and negotiation of the financing documents including the complex consent letter with the NFL as well as the first funding option provided by the NFL under the new G-4 stadium financing resolution.

New York's MTA plans $220 million green bond sale one week after downgrade

Bond Buyer | August 15, 2018

Nixon Peabody is mentioned in this article as co-bond counsel for a planned sale of $220 million of Series 2018B transportation revenue refunding green bonds by the Metropolitan Transportation Authority.

Norton Rose Fulbright Bryan Rabbino named NY City GO co-bond counsel

Bond Buyer | August 01, 2018

Nixon Peabody is mentioned in this article for its appointment to co-bond counsel to the New York City Municipal Water Authority.

How autonomous vehicles disrupt transportation planning

The Bond Buyer | July 27, 2018

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.

Cautious welcome for NJ P3 bill

P3 Bulletin | July 26, 2018

New York City Project Finance and Public Finance partner Roddy Devlin is quoted in this article discussing a recent bill passed by New Jersey legislators that could increase the frequency of public-private partnership (P3) projects.

The Jetson effect on transportation

The Bond Buyer | July 24, 2018

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.

Bond insurers, legal counsel shake off slow start as Assured, Orrick top rankings

The Bond Buyer | July 18, 2018

Nixon Peabody is listed among the Top 10 in bond counsel rankings for the first half in 2018 in this article analyzing trends in the municipal bond market.

LaGuardia AirTrain RFQ expected to be issued by year end

InfraAmericas | June 27, 2018

New York City public finance and project finance partner Roddy Devlin is quoted in this article discussing the advantages of using a public-private partnership to complete “key public projects that have to be brought in on schedule.”

U.S. airports on the runway

Project Finance International | June 26, 2018

Project Finance and Public Finance partner Roddy Devlin, together with group leader Ken Lind and partner Virginia Wong, all from New York City, contributed this article on the increasing usage of the P3 model in U.S. infrastructure projects.

Podcast: The art of the P3

The Bond Buyer | June 22, 2018

New York City public finance and project finance partner Roddy Devlin is a guest on the Bond Buyer podcast and shares his experience in public-private partnerships, infrastructure and design build; and discusses Nixon Peabody’s strength in the growing P3 sector.

Treasury IRS propose rules to facilitate investment in bond-financed infrastructure

Bond Buyer | June 12, 2018

Washington, DC, project finance and public finance partner Mitch Rapaport is quoted in this article on a move by the Treasury Department and IRA to clarify rules governing “the use of tax-exempt bonds in connection with public-private partnership projects.”

Nixon Peabody scoops up P3, project finance pro in NY

Law360 | May 25, 2018

Media coverage of the arrival of New York City public finance and project finance partner Roderick “Roddy” Devlin continues with this profile in Law360, which highlights some of Roddy’s largest recent deals, including the $4 billion public-private partnership to upgrade New York’s LaGuardia Airport.

Nixon Peabody beefs up NY real estate group with new partner, new practice

American Lawyer | May 24, 2018

Affordable housing and real estate partner Erica Buckley and project finance and public finance partner Roddy Devlin are both quoted in this article announcing an expansion of our real estate practice in New York City.

Passenger growth helps spur San Francisco airport's newest bond offering

The Bond Buyer | May 07, 2018

Nixon Peabody is mentioned in this article as disclosure bond counsel for San Francisco International Airport, the seventh busiest airport in the world, which will issue $900 million in bonds this month.

Law360 names attorneys who moved up the firm ranks in Q1

Law360 | May 07, 2018

In this roundup of promotions to partner and firm management positions, 14 attorneys from Nixon Peabody are highlighted. The 11 attorneys promoted to partner are Ellie Altshuler, Mark Beaudoin, Erik Birkeneder, Hannah Bornstein, Chris Browning, Barry Carrigan, Keri McWilliams, Matt Mullen, Steven Richard, Charles Tamuleviz and Alison Torbitt. In addition, Kenneth C. Lind was promoted to leader of the firms’ public finance practice group, Justin Thompson was promoted to office managing partner in LA, and Aaron Yowell was promoted to chief innovation officer.

Time to express interest in federal water infrastructure loans

Law360 | April 29, 2018

San Francisco energy and environmental partner Alison Torbitt, New York City public finance partner Scott Singer and Rochester senior environmental health engineer Libby Ford co-wrote this article outlining an EPA loan program for new water infrastructure projects.

New remedial actions for tax-advantaged bonds and P3s

Law360 | April 20, 2018

Nixon Peabody public finance partners Travis Gibbs of San Francisco and Mitch Rappaport, Bruce Serchuk and Carla Young of Washington DC co-wrote this analysis on the new IRS procedures that can be used “to cure impermissible use of bond-financed projects.”

UConn schedules $300M sale of debt service commitment bonds

The Bond Buyer | April 16, 2018

Nixon Peabody is mentioned in this article for serving as underwriters co-counsel to the of debt service commitment bonds to be issued by the University of Connecticut.

Career Tracker: Lawyers on the Move

Reuters Legal | March 26, 2018

This roundup of personnel moves in the legal industry mentions the recent appointment of New York City partner Ken Lind as public finance practice group leader.

MTA bringing $100 million to market in shadow of S&P downgrade

The Bond Buyer | March 21, 2018

This article about the Metropolitan Transportation Authority’s (MTA) plan to sell $100 million in transportation revenue variable rate refunding bonds mentions Nixon Peabody as co-bond counsel for the sale.

Movers & Shakers

The Deal | March 20, 2018

This executive news roundup mentions the recent appointment of New York City partner Ken Lind as public finance practice group leader.

Career Tracker: Lawyers on the Move

Reuters Legal | March 19, 2018

New York City public finance practice group leader Ken Lind is included in this executive news roundup for his recent promotion.

Nixon Peabody Picks Partner Lind to Lead Public Finance Practice

The Bond Buyer | March 15, 2018

CEO and managing partner Andrew Glincher is quoted in this article on the appointment of New York City public finance practice group leader Ken Lind. The promotion of Rochester public finance partner Barry Carrigan is also highlighted.

UConn sale of student fee revenue bonds to fund recreation center

The Bond Buyer | March 06, 2018

This article about the University of Connecticut’s plans to sell $152 million of UConn 2000 special obligation student fee revenue bonds and use the proceeds to build a student recreation center mentions Nixon Peabody for representing the underwriters.

Demand for Esports-Friendly Venues to Grow

GlobeSt.com | February 23, 2018

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.

Public-private partnerships see limited application in NY

Rochester Business Journal | November 17, 2017

Rochester real estate partner Bruce Baker and New York City global finance counsel Alex Yim were quoted in this feature on the increasing use of public-private partnerships to fund projects in cities across the U.S.

NY MTA board weighs $573M deal to replace MetroCards

Bond Buyer | October 25, 2017

This article mentions Nixon Peabody for serving as co-bond counsel in New York’s Metropolitan Transportation Authority’s design-build agreement with Cubic Transportation Systems Inc. to replace MetroCards with a new fare payment system.

Nixon Peabody guides Keck Graduate Institute’s student housing project

Civic Business Journal | October 24, 2017

Los Angeles public finance partner Danny Kim is quoted in this article about a student housing development financing for Keck Graduate Institute for which Nixon Peabody served as bond counsel.

Florida utility borrowing $757 million to exit biomass power purchase contract

Bond Buyer | October 19, 2017

Nixon Peabody is mentioned in this article as counsel to the underwriters in a deal involving the purchase of a Florida biomass facility.

Bond insurance counsel leaders show resilience

Bond insurance, counsel leaders show resilience | October 17, 2017

This article mentions Nixon Peabody for ranking among the top ten bond counsel in Q3.

Executive interview with Nixon Peabody attorney Rudy Salo

Civic Business Journal | October 16, 2017

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.

Chicago lays out $3 billion sales tax securitization plans for council

Bond Buyer | October 05, 2017

In this article on Chicago’s $3 billion sales tax securitization, which the city will use in four deals over the next several years, Nixon Peabody is mentioned for serving as bond counsel.

Former rep Fernandes joins law firm Nixon Peabody

MetroWest Daily News | July 21, 2017

This article features the arrival of Boston public finance counsel John Fernandes to Nixon Peabody. The coverage mentions that John was introduced to the firm through public finance partner Jim Vallee and quotes Boston office managing partner Ruth Silman.

Adhering to Board duties in an affiliation transaction

Trustee | June 30, 2017

Chicago public finance partner Thomas Fahey authored this column about how nonprofit community hospital board members should consider duty of care and duty of loyalty to guide decisions regarding joining larger health systems.

Los Angeles sets its first GO bond sale to combat homelessness

Bond Buyer | June 16, 2017

Los Angeles public finance partner Chuck Wolf is quoted in this article about the city’s first bond sale as a result of Proposition HHH.

Law360 names attys who moved up the firm ranks in Q1

Law360 | April 28, 2017

This article mentions recent leadership promotions at the firm including David Brown, Jared Lusk, Jim Vallee, Graham Beck, Kathleen Ceglarski Burns, Emily Crandall Harlan, Daniel Gibbons, Linda Huber, Ilana Kameros, Haydon Keitner, Darren Miller, Neal Pandozzi, Edward Puerta, Stephen Reil, and Elizabeth Young.

An executive interview with Danny Kim

Civic Business Journal | April 03, 2017

This Q&A with Los Angeles public finance partner Danny Kim highlights why he made the move to Nixon Peabody as well as his legal background and interests.

Evaluating SEC Plan For New Municipal Issuer Disclosures

Law360 | March 13, 2017

Public finance partners Julie Seymour (Chicago), Liz Columbo (New York) and Dan Deaton (Los Angeles) published a contributed article on the SEC’s proposed amendment to Exchange Act Rule 15c2-12 and what it could mean for market participants.

Catching too many “CABs”?

The Bond Lawyer | March 01, 2017

Los Angeles public finance counsel Heather White authored this article about general obligation capital appreciation bonds (CABs) issued by California and Texas school districts.

Assured and Orrick Dominate 2016 Rankings, Though Competitors Gain

The Bond Buyer | January 26, 2017

Nixon Peabody is noted in this article as the 6th most active underwriter’s counsel in 2016.

MTA well-positioned, says debt management official

The Bond Buyer | January 24, 2017

This article notes Nixon Peabody as co-bond counsel for the New York Metropolitan Transportation Authority’s (MTA) upcoming transactions which include issuing transportation revenue BANS as well as dedicated tax fund bonds.

New York City Water to sell $400M

The Bond Buyer | November 23, 2016

Nixon Peabody is noted as representing the underwriters in the deal involving the New York City Municipal Water Finance Authority and its upcoming plan to sell $400 million of bonds.

NY MTA official says derivatives under control

The Bond Buyer | October 26, 2016

This article is about New York Metropolitan Transportation Authority's (MTA) derivatives program and its recent $632 million closing of Series 2016D transportation revenue refunding bonds. Nixon Peabody is mentioned as co-bond counsel on the deal.

Why Dealers are Struggling with Proposed Markup Disclosure

The Bond Buyer | September 23, 2016

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.

Rising Stars

The Bond Buyer | September 21, 2016

Los Angeles public finance partner Rudy Salo is recognized among The Bond Buyer’s 2016 Rising Stars.

L.A. Port Brings Green Bond Deal

The Bond Buyer | September 13, 2016

This article discusses that the Port of Los Angeles will price a nearly $220M revenue bond financing—representing the first green bond sale by a port. Nixon Peabody is noted as bond counsel.

DASNY Sells Green Bonds for Columbia University

The Bond Buyer | April 29, 2016

The story notes that Columbia University issued $50 million in green bonds through the Dormitory Authority of the State of New York to fund a new science center. Nixon Peabody is noted as bond counsel.

Driverless Cars Pave the Way for Real Estate Development

Law360 | April 07, 2016

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.

Manhattan Beach eyes Silicon Beach boom

The Beach Reporter | March 18, 2016

This coverage notes Los Angeles public finance partner Rudy Salo’s new role on the Economic Development Advisory Council.

Bond Lawyers Blast Proposed Political Subdivision Rules

The Bond Buyer | March 10, 2016

Washington, DC, Public Finance partner Mitch Rapaport is quoted in this article focused on the proposed political subdivision rules put forth by the Treasury Department and Internal Revenue Service.

What's really going down with the CTA's big rail car deal

Crain's Chicago Business | February 22, 2016

Former Chicago alderman and Chicago partner Charles Bernardini is included in this column as representing Bombardier of Canada in a Chicago Transit Authority bid for 846 new rail cars.

Green Sale Expands Investor Base, Says N.Y. MTA Official

The Bond Buyer | February 22, 2016

This article on New York's Metropolitan Transportation Authority inaugural green bond issuance notes Nixon Peabody as co-bond counsel.

Life Cycle Approach to Data Rights Can Help Contractors

Law360 | January 14, 2016

Boston IP Counseling & Transactions counsel David Crosby and Washington, DC, associate Harini Kidambi co-authored this column regarding implications arising from the 2015 Army Data & Data Rights Guide for military service professionals and other contractors.

Contacts

Kenneth C. Lind

Partner
Team Leader, Project Finance and Public Finance

klind@nixonpeabody.com

Phone: 212-940-3005

Richard Jones

Senior Counsel

rjones@nixonpeabody.com

Phone: 213-629-6070

Travis Gibbs

Partner

tgibbs@nixonpeabody.com

Phone: 415-984-8336

Mitchell Rapaport

Partner

mrapaport@nixonpeabody.com

Phone: 202-585-8305

Michael A. Vaccari

Senior Counsel

mvaccari@nixonpeabody.com

Phone: 212-940-3108

William F. Weir

Partner

wweir@nixonpeabody.com

Phone: 585-263-1509

  • Recognized by U.S. News-Best Lawyers 2018 as a national Tier 1 leader for Public Finance Law
  • Consistently ranked by Thomson Reuters among the top bond counsel and underwriter’s counsel in the country, and among the most active disclosure and special tax counsel
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