Preti Flaherty’s Public Finance group provides legal services for most types of public finance  transactions and participants.  Our clients include general government entities, quasi-governmental entities, conduit borrowers, including 501(c)(3) nonprofit organizations and manufacturing enterprises, underwriters and letter of credit banks.  Our services encompass all aspects of public finance law including state and municipal law, securities law and federal income tax law.  We also provide advice in connection with ongoing legal compliance related to public finance transactions. 

We have twice been rated among the top 100 national underwriter’s counsel firms. We are also listed in the Bond Buyer’s Municipal Marketplace directory and are listed as approved bond counsel by the Maine Municipal Bond Bank and the United States Department of Agriculture, Rural Development.

Our public entity clients include the University of Maine System, the Maine Turnpike Authority, Kennebec County (ME), the Lincoln and Sagadahoc Multicounty Jail Authority (ME), the Kennebec Regional Development Authority (ME), the Concord (NH) Housing Authority, the Laconia (NH) Housing and Redevelopment Authority, the City of Augusta (ME), the City of Biddeford (ME) and the Town of Jay (ME).  Our underwriter clients include UBS Investment Bank, Bear, Stearns & Co. Inc. and RBC Capital Markets.  Our bank clients include KeyBank National Association and Citizens Bank New Hampshire. Our financial services clients include MBIA Municipal Investors Service Corporation.

Our attorneys counsel clients during the planning of each transaction and prepare and review authorizing statutes, bond resolutions and indentures, official statements, bond purchase contracts, SEC rule 15c2-12 continuing disclosure agreements and other documents required for bond issues.  We’ve guided our clients through transactions involving:

• General obligation bonds
• Water and sewer revenue bonds
• Small issue manufacturing bonds
• Hospital, independent school and other 501(c)(3) nonprofit bonds
• Turnpike revenue bonds
• Airport revenue bonds
• Solid waste disposal bonds
• Multi-family and single family housing bonds
• Education loan revenue bonds
• Tax-exempt lease transactions
• Capital Fund Financing Program (HUD)
• Tax and grant anticipation notes and bonds
• Bond anticipation notes
• Pool loans
• Bond insurance
• Letters of credit
• Liquidity facilities
• Tax increment financing
• Interest rate swaps
• Municipal investment pool

Featured Transactions

• Preti Flaherty served as bond counsel to the Lincoln and Sagadahoc Multicounty Jail Authority in connection with the Authority’s issuance of its $24,600,000 Revenue Bonds in June 2005.  Bond proceeds are being used to finance construction of a jail facility with capacity for 120 inmates primarily from Lincoln County and Sagadahoc County.  The Authority is a statutory partnership among Lincoln County and Sagadahoc County, each of which is obligated to pay 50% of Authority operating costs including debt service on the Bonds.  In addition to bond counsel services, our attorneys provided advice regarding amendments to the Authority’s enabling act, organization of the Authority, acquisition of the jail site, design and construction contracts, the operating agreement between the counties and other matters.
  
• Preti Flaherty served as bond counsel to the University of Maine System in connection with the University System’s issuance of its $69,125,00