Served as bond counsel for the issuance of two series aggregating $630 million in General Receipts Bonds of The Ohio State University issued as the first installment in a billion dollar borrowing program. The program is the first of its kind “shelf style” bond issuance for a public university. Responsibilities included drafting documents to reflect the understanding of the parties, as well as the tax analysis necessary with respect to the use of proceeds. As bond counsel, we rendered our approving opinion as to the authorization and valid issuance of the bonds.
Helping improve quality of life through bonds and finance options that support health, safety, education and economic development.
Since its founding, Bricker & Eckler has participated in numerous projects that enhance our communities and support economic growth. Over the course of these projects, the firm has been recognized by the state and its various political subdivisions, as well as by the underwriting community, as a law firm with a national caliber bond counsel opinion. We excel in both routine and complex financial transactions. Our list of clients continues to grow based on the favorable recommendations of the many public officials we have represented.
We represent the state, cities, counties, school districts, libraries and colleges in seeking the most economical and efficient ways to finance their capital programs. From clients who are contemplating a bond financing for the first time to those who are frequent issuers, we supply comprehensive advice that begins with the preliminary planning stage, continues through the process of committee meetings, board meetings and council meetings, and culminates after the capital has been secured.
Bricker & Eckler’s Public Finance group is known for developing innovative financing structures, and several members have actively participated in the drafting of statutory and constitutional provisions that govern bond finance in Ohio. Additionally, our lawyers are listed in the “red book” of bond counsel, the standard reference source used by underwriters and other purchasers of securities.
Our attorneys also routinely work on many other types of structured finance transactions, and we are experienced in documenting and structuring financings involving both public and private entities.
We frequently handle the following matters:
- Election proceedings for voted levies, bond issues and charter questions
- Tax and revenue anticipatory notes
- Taxable and tax-exempt leases
- Capital financings
- Private purpose bond financings
- Structured finance transactions
- Tax-exempt organizations
Related Industries & Practices
Bricker & Eckler helps school districts obtain and maintain the resources they need to run flourishing educational hubs. Whether financing new facilities or assisting with levy planning, our attorneys support effective public finance strategies. Our experience includes bond and note issuances and tax levies, as well as lease-purchase arrangements, collaborative agreements, protection of assessed valuation, tax abatement and exemption issues, booster and foundation support, and more.
Our attorneys have always worked with representatives from political subdivisions to supply their citizens with the infrastructure and services they need. And serving as bond counsel has been a key component of Bricker & Eckler's foundation since the firm’s inception. We routinely serve as bond counsel, underwriter's counsel, trustee counsel, issuer's counsel and/or company counsel in financings ranging from large general obligation and revenue bond issues to small bond issues on behalf of public entities throughout the state.
Our firm’s history of supporting the State of Ohio and its agencies runs deep. Our attorneys are intimately familiar with the State’s fiscal processes and have worked with public officials for decades to provide the funds that keep our state running. From job-creating programs to bond and note issuances, we help Ohio’s government entities both create and use the financial tools that optimize our state’s resources.
Several financing tools are available to help public entities jumpstart economic growth. We work with governments to acquire the resources they need to create and maintain jobs through special programs established by Ohio law. Tax increment financing and joint economic development districts are just a few of our specialties; we’ve worked with numerous cities, counties, villages and more to find creative and realistic funding options.
Serving as bond counsel for the first-ever property assessed clean energy (PACE) bonds issued in Ohio, Bricker & Eckler is a trailblazer in helping public entities uniquely finance energy-related projects. A properly structured financing transaction can provide capital to municipalities, school districts, counties, townships and port authorities without impacting certain local debt limitations. Property owners who take advantage of these funding opportunities may use the money to update existing office buildings or warehouses or acquire an alternative energy source, like solar panels or wind turbines.
Our attorneys have current, cutting-edge knowledge in all areas of finance across the spectrum of the health care industry. Whether embarking on new initiatives or rethinking existing capital structures, our health care clients admire our ability to research and follow through with complex transactions. We leverage our experience in public finance, tax, health, securities, charitable trust, creditor’s rights and contract law to find creative fiduciary options within the regulatory and legal parameters that exist in this booming industry.
Public libraries are an important catalyst of learning and growth in our communities. Libraries’ continued success is dependent on the funds they obtain. Whether borrowing money from note or bond issuance or raising money through a voter-approved levy, Bricker’s Public Finance team can offer guidance through all stages of the process. Having partnered with dozens of libraries across the state, we bring well-rounded experience to any library’s next financial matter.
Served as bond counsel for the issuance of over $218 million in Major New State Infrastructure Project Revenue Bonds. Responsibilities included drafting documents to reflect the understanding of the parties, as well as the tax analysis necessary with respect to the use of proceeds. As bond counsel, we rendered our approving opinion as to the authorization and valid issuance of the bonds and their status of being exempt from federal income taxation.
Assisted an Ohio school district in the issuance of bonds in which the perceived security for the bonds was threatened by the financial woes of the county’s largest employer and taxpayer. Our attorneys provided timely and critical information to the bond rating agency and investors regarding how oil and gas leases and mineral rights are valued for property tax purposes and the potential impact of a bankruptcy filing on the payment of property taxes for the bonds.
Served as bond counsel on Ohio’s first voted bond issue for a community college district.
Represented a developer in a rare and unique agreement among the city, the school district and the developer for the redevelopment of a large foreclosed property. The agreement caps the number of multi-family rentals on the property to control school enrollment, while still providing for economic growth.
Represented a county hospital that became affiliated with a large health care system, obtaining all regulatory approvals, overseeing self-disclosure of potential Stark issues and assisting with the payoff of outstanding bonds.
Organized a port authority's bid package and construction contract for a sanitary sewer extension project.
Served as counsel to a real estate developer for redevelopment of industrial property in Grandview Heights. Devised a unique public finance approach to funding $120 million infrastructure needs with scarce public resources and negotiated with Grandview Heights to utilize Ohio's TIF and community reinvestment area laws to implement an alternative tax structure for Grandview Yard.
Acted as borrower's counsel for a municipal hospital in the issuance of $35 million in revenue bonds.
Represented governmental hospital and acted as borrower's counsel in $25 million hospital revenue bond financing, successfully negotiating a unique provision that permitted the hospital to convert to private nonprofit status in the future without having to obtain the consent of the bondholders.
Served as bond counsel on Public Library Fund-backed library notes with county intercept. Assisted with private use analysis related to community fundraising campaign.
Drafted a unique school district-hospital agreement to provide educational opportunities to high school students.
Served as bond counsel to The Ohio State University on its $500,000,000 “Century Bond” offering, the first-ever 100-year maturity for a public university, issued to fund projects on the main campus.
Assisted several Fortune 500 companies in locating their operations centers, distribution centers and warehouses in Ohio. Projects involved rezonings, variances, environmental permittings and remediations, financings, and coordinating tax abatement and other economic incentives from state and local governmental agencies.
Negotiated the turnover of a major manufacturing and high-tech repair facility on a U.S. Air Force Base to a newly created port authority. The project facilitated the privatization-in-place of that facility and the retention of jobs. We assisted with leasing additional build-to-suit space for other tenants and the expansion of the resulting port authority-owned industrial park to create additional development sites and jobs.
Served as bond counsel to a city on revenue bonds supported primarily by TIF revenues.
Counseled a luxury hotel in a riverfront urban renewal development project involving air rights, private and public financing and a joint venture of local businesses, including four Fortune 500 companies.
Served as title insurance counsel for acquisition of fee and 99-year leasehold estates to assemble site for a $100 million State of Ohio office tower.
Successfully negotiated payments to offset lost revenues to total $1 million for a school district from an outlet mall developer over the taxation of a $100 million mall. Worked with the school district to evaluate levy options given proposed development.
Assisted IRG Rubber City, LLC in negotiating a TIF structure with the City of Akron. Then implemented bond financing through Summit County’s Development Finance Authority Jobs & Investment Fund, leveraging the TIF to fund partial redevelopment costs of 1.7 million square feet of historic space into multiple uses.
Helped a real estate developer refinance and upgrade its office park partially to improve energy efficiency by working with the developer to levy PACE special assessments, secure a PACE loan with the special assessments and pass the obligation through to tenants.
School districts and county DD boards: Meaningful options from cost-effective collaboration
HB 10: New continuing education requirements for fiscal officers
Ohio Supreme Court finds inside millage transfer unjustified