Hiscock & Barclay
Hiscock & Barclay

Public Finance

Public finance lies at the heart of highly visible improvements to our nation’s colleges and universities, hospitals, affordable housing, schools and municipal infrastructure projects. Hiscock & Barclay has been instrumental in facilitating billions of dollars worth of revenue bonds, appropriation backed bonds and general obligation bonds. For over two decades, the firm has been listed in The Bond Buyer's Municipal Marketplace (popularly known as the “Red Book”). We take pride in assisting public finance professionals in developing and implementing concepts and programs that effectively deal with public needs and meet the changing demands of the financial markets.

Our attorneys have a comprehensive understanding and extensive experience in all facets of public finance. We have demonstrated our valued combination of skills when serving clients in a wide variety of financings as bond counsel, underwriter’s counsel, issuer counsel, letter of credit bank counsel, counsel for profit and not-for-profit conduit borrowers, and trustee’s counsel. Our creative advice is requested by large and small issuers including state and local agencies and authorizes; industrial development agencies and local development corporations; and school districts, counties, towns, villages and special districts. We are approved bond counsel to the Dormitory Authority of the State of New York, the New York State Housing Finance Agency, the New York State Municipal Bond Bank Agency and the New York State Thruway Authority. We also serve as bond counsel to industrial development agencies and local development corporations in the Counties of Erie, Oswego and Schenectady, the Cities of Cohoes, Syracuse and Schenectady and the Town of Colonie. We also represent all of the major underwriters as underwriter’s counsel on state and local transactions. We regularly represent not-for profit corporations operating colleges and universities and health care facilities and not-for profit and for profit corporations developing affordable housing projects.

We represent our clients in the full spectrum of public finance transactions including drafting of approving resolutions and indentures, official statements and other disclosure documents and all other financings documents, analyzing federal and state tax issues, negotiating with credit enhancement providers and bond insurers and coordinating closings.

Our commitment to developing proactive client relationships that deliver sound advice and innovative solutions has contributed significantly to our success. Issuers, underwriters and borrowers have learned that in today’s environment of sophisticated financial structures, increasingly complex disclosure and tax issues and greater scrutiny by the IRS, the SEC and other regulatory agencies, they need to work with a firm like ours. Hiscock & Barclay’s clients have the advantage of our formidable experience, tax and disclosure expertise, depth of resources, reliability, innovation, and reputation.

Bond Counsel

Hiscock & Barclay acts as bond counsel for bond issues ranging from simple to extremely complex, serving the needs of general obligation conduit issuers. We are approved bond counsel to the Dormitory Authority of the State of New York, the New York State Housing Finance Agency, the New York State Municipal Bond Bank Agency and the New York State Thruway Authority. We also serve as bond counsel to industrial development agencies and local development corporations in the Counties of Erie, Oswego and Schenectady, the Cities of Cohoes, Syracuse and Schenectady and the Town of Colonie.

In our capacity as bond counsel, we are committed to becoming integrally involved in the bond issuing process, including meeting personally with issuer officials, attending meetings of governing bodies, working closely with the staffs of those bodies, the underwriters and/or financial advisor, and the architects and engineers for the project to be financed. We are committed to being readily available to all members of the financing team at any time. We believe that our commitment to personalized and reliable service and to accomplishing financings on behalf of our clients correctly, effectively, and on time, sets us apart from other firms in this very important and highly specialized area of law.

Underwriter’s Counsel

Underwriters have a greater need for sophisticated legal counsel today than ever before. State and local governments often look to underwriters for creative solutions to their financing needs. With the increased complexity of public finance transactions has come heightened concern about an underwriter’s obligations. As underwriter’s counsel we are keenly aware of the importance of the of the due diligence and disclosure process. Hiscock & Barclay offers underwriters the combination of thorough technical knowledge of public finance law, creativity in structuring transactions, a positive attitude toward making a deal and a practical knowledge of New York State politics.

Appropriation-Backed Projects

We have served as bond counsel and underwriter’s counsel in appropriation-backed bonds that have been issued to finance roads and bridges construction, environmental projects, affordable housing projects and programs, schools and dormitories for the State University of New York.

Educational Facilities

We regularly serve as bond counsel, underwriter’s counsel, borrower’s counsel and credit enhancement providers in connection with bonds issued to finance projects for colleges and universities, private not-for-profit schools, and educational facilities for developmentally disabled children. We have counseled parties in transactions ranging from straightforward single borrower financings to highly complex pooled financings. We serve as bond counsel to the Dormitory Authority of the State of New York and to a number of local development corporations that issues bonds to finance educational facilities across the State.

Health Care Facilities

Hiscock & Barclay has comprehensive health care finance experience serving as bond counsel, underwriter’s counsel, borrower’s counsel and credit enhancement provider’s counsel on financings for hospitals, nursing homes, senior living facilities, independent living facilities, assisted living facilities and adult homes. We serve as bond counsel to the Dormitory Authority of the State of New York and to a number of local development corporations that issues bonds to finance health care facilities across the State. A significant complement to this practice is our experience in representing a broad cross-section of healthcare providers throughout New York State on corporate, regulatory, and tax matters.

Affordable Housing Projects Our Public Housing Finance team includes public finance, real estate and tax attorneys who represent an extensive array of participants, from issuers and underwriters to developers and owners of affordable housing projects. We work with organizations that provide affordable housing for families, senior citizens and the disabled. We serve as bond counsel to the New York State housing Finance Agency and to a number of local development corporations and housing authorities that issue bonds to finance affordable housing projects across the State.

General Obligation Bonds

Hiscock & Barclay maintains an active general obligation bond practice that includes serving as bond counsel with respect to general obligations bonds issued by counties, cities, towns, villages, fire districts and school districts. We have served as bond counsel for public facilities including recreational facilities, parks, airports, public parking garages, municipal buildings, schools, sewer, water, solid waste and other infrastructure facilities. Our bond counsel services include preparation of propositions and other authorizing proceedings, review of disclosure materials, preparation of financing documents and issuance of our approving legal opinion. We regularly represent our municipal clients in respect to projects financed by the New York State Environmental Facilities Corporation, the New York State Municipal Bond Bank Agency and the United States Rural Development Agency. We also regularly represent our school district clients in financings of energy performance contracts and equipment leases and in financing of projects through the Dormitory Authority of the State of New York.

Industrial Development Agency and Local Development Corporation Counsel

Hiscock & Barclay currently serves as bond counsel and/or agency counsel in connection with the issuance of revenue bonds for industrial development agencies (IDAs) and local development corporations (LDcs) across New York State. Hiscock & Barclay has experience in all types of small issue manufacturing facility financings and financings for all types of not-for-profit corporations.

We also have extensive experience with IDA “straight lease” transactions, in which IDAs provide sales tax, real property tax and mortgage recording tax exemptions for projects that do not involve the issuance of tax-exempt bonds. We regularly assist our IDA clients in drafting and negotiating complex PILOT agreements.

In an area where there is increasing scrutiny and calls for transparency, we provide day-to-day advice to our IDA and LDC clients on compliance with the Public Authorities Accountability Act, the Public Authorities Reform Act and the latest pronouncements and audit findings of the New York State Authorities Budget Office.