Capehart Scatchard’s Public Finance Practice has issued opinions as bond counsel to various state and local governmental entities and has served as underwriter’s counsel or trustee’s counsel on a wide range of public finance transactions throughout New Jersey and Pennsylvania. The Firm is nationally recognized as bond counsel and is listed in The Bond Buyers Municipal Marketplace Directory (the “Red Book”).
We currently serve as bond counsel to over a dozen municipalities in four counties in New Jersey and represent a number of independent governmental entities. Our practice represents members of the underwriting community, including past representation of Goldman Sachs & Co., Bank of America/Merrill Lynch, Raymond James and Associates, PNC Capital Markets and RBC Capital Markets in public finance transactions that range from the simple to the complex. In connection with certain transactions, we have negotiated agreements with the NJ DEP regarding Solid Waste debt and green acres encumbrances. Other partners in the firm have vast experience with NJDOT, the BPU and takings by governmental entities.
Our attorneys appear before the New Jersey Local Finance Board, Division of Local Government Services, New Jersey Board of Public Utilities, and Wall Street rating agencies.
Legal Services
Our Public Finance Practice attorneys have participated in various types of public finance transactions including new money projects and refunding projects, general obligation and special obligation transactions, lease purchase transactions, pooled transactions and variable rate and multi-modal transactions. We also have participated in transactions for various types of projects including:
- Economic development
- Education
- Energy
- Health care
- Housing, single and multi-family
- Higher education
- Sewer and water
- Solid waste
- Transportation
- Redevelopment and related financing
Practice Highlights
Capehart and Scatchard’s public finance practice is transactional in nature and results oriented. Our practice focuses on the credit and mission of the issuer and utilizes the proper structure to create a marketable transaction. In many cases, credit enhancement is necessary and we have structured transactions utilizing bond insurance, letters of credit and governmental or parental guarantees. In helping to organize the appropriate structure, we work regularly with governmental and regulatory entities, financial advisors, accounting firms, consulting engineers and rating agencies with the goal being a credit transaction that can be sold and closed.
Underwriter’s Counsel
Our Public Finance practice has served as underwriter’s counsel to a number of nationally prominent investment institutions including Goldman Sachs & Co. for the financing of $274,230,000 of single family housing bonds by the New Jersey Housing and Mortgage Finance Agency and Merrill Lynch & Co. Incorporated in connection with the issuance of $90,300,000 of revenue bonds for a higher education institution. We also have represented numerous nationally recognized investment banks in varying types of public finance issues.
In 2016, oversaw approximately 25 note sales, including 22 municipal note sales, totaling over $250 million in short term obligations and 5 long term bond sales totaling over $200 million.
From 2012 through 2016, assisted the Township of Florence in utilizing the incentives under the Long Term Tax Exemption Law to attract private investment and economic development to the Township’s Route 130 Redevelopment Area, including 6 separate developments consisting of over 2.5 million square feet of newly constructed warehouse space.
