General Obligation Bonds

Our approach

“G.O.s,” once the “safe bets” of the market, are now regarded with caution by investors and lenders—which is unsurprising, given the recent well-publicized municipal bankruptcies. Going to market with these bonds requires a legal team at your side that understands the rules, sees what’s coming next and ensures you avoid the pitfalls.

As bond counsel, our full range of services includes the following:

• Examining applicable law
• Participating with the issuer and its financial advisors in structuring financings
• Preparing authorizing resolutions
• Preparing the closing documents and notes or bonds
• Reviewing certified proceedings
• Rendering legal opinions on the authorization, issuance and tax-exempt status of notes and bonds
• Preparing and filing any informational tax returns
• Ongoing consulting with the various parties to financing transactions, including day-to-day questions from municipal personnel on matters relating to existing or proposed issues.

We prepare, review and deliver all the required standard documentation in a timely and professional manner. From authorizing resolutions and disclosure documents to escrow agreements, arbitrage certificates and more, we keep our clients on track and up to date with the latest rules and regulations.

Who we work with

• State and local governments
• Local Development Authorities
• Underwriters
• Lenders and Credit Providers

Recent experience

• Experience in New York State: With firm origins in New York State, and with five offices within the state, we have particular experience in all areas of New York general obligation bond practice, including the constitutional, statutory and case law limitations imposed on New York municipalities in their issuance of debt.
• The County of Loudoun, Virginia: Nixon Peabody has served as bond counsel on numerous transactions since 1999 for this county of approximately 375,000. Our engagements have included issues of general obligation bonds, lease revenue bonds, participations in state pool financings, and transportation financings.
• The Village of Ilion, New York: Nixon Peabody has served as Bond Counsel to the Village of Ilion since 2010 representing the Village with various Bond Anticipation Note and bond issuances. In a recent bond issuance for the Village we worked with local elected representatives to pass legislation to permit the Village to finance certain items for periods longer than permitted by Section 11.00 of the Local Finance Law. This provided the Village with additional time to repay the bonds and lessen the burden on the Village’s constituents.
• The City of Plattsburgh, New York: Nixon Peabody has served as Bond Counsel to the City of Plattsburgh for a number of years representing the City of Plattsburgh in the issuance of various Bond Anticipation Note and Bonds.
• The County of Seneca, New York: Nixon Peabody has served as Bond Counsel to the County of Seneca since 2005 representing the County on various issuances of general obligation bonds and refunding bonds.