Revenue Bond Financing

Attorneys in Orrick's Revenue Bond Financing Group have worked on virtually every type of revenue bond issue imaginable. The Group focuses particularly on enterprise revenue bonds; that is, bonds payable from the revenues of an enterprise conducted by the public entity that issues the bonds, such as:

• Airport Revenue Bonds: Including airport financings for Burbank-Glendale-Pasadena, Los Angeles, Sacramento, San Diego, San Francisco, San Jose, Oakland, and Orange County (John Wayne Airport), Logan (for Massachusetts Port Authority), Memphis (Tennessee), Portland, JFK, Newark and LaGuardia (for Port Authority of New York and New Jersey), New Orleans (Louisiana), DuPage (Illinois), Roanoke (Virginia), Guam and Saipan (Commonwealth of the Northern Mariana Islands)
• Health Care Revenue Bonds: Publicly owned medical facilities, including projects for The Regents of University of California (UCLA and UCSD medical centers), San Mateo County, and El Camino, Eden Township, Fallbrook, Mt. Diablo, Mendocino Coast, Hi-Desert Memorial, Hemet Valley, Grossmont, Tulare Local, Pioneers Memorial, San Benito, Sierra View, Tri-City, Kaweah Delta, West Contra Costa, Palomar Pomerado, Tahoe Forest and Mark Twain hospital districts
• Parking Revenue Bonds: University of California and California State University campus parking revenue bonds, Union Square (SF) parking garage, City of Gardena downtown parking
• Port Revenue Bonds: For such ports as Port Authority of New York and New Jersey, Massachusetts Port Authority, Port of Oakland, Port of Stockton, Port of Sacramento, Port of Los Angeles, Port of San Francisco, Oxnard Harbor District, Hawaii Harbors Division, Port of Seattle, Port of Tacoma, and Commonwealth Ports Authority of the Northern Mariana Islands
• Power Revenue Bonds: For such clients as the State of California (including Department of Water Resources California Water Project and Public Works Board Energy Efficient (co-generation) Pool Program), Los Angeles Department of Water and Power, City of Redding Electric System, Sacramento Municipal Utility District (and joint powers authorities formed by the District for its co-generation projects), joint action agencies (that own hydroelectric, geothermal and coal-fired generating facilities) such as Northern California Power Agency, M-S-R Public Power Agency, Central California Power Agency, Transmission Agency of Northern California (owner of the California-Oregon Transmission Project), Friant Power Authority, and irrigation districts such as Imperial Irrigation District, Modesto Irrigation District and Turlock Irrigation District (operators of electric systems), Bonneville Power Administration and a variety of agencies in Washington State
• Sewer/Wastewater Revenue Bonds: Including bond financing for the City and County of San Francisco's Clean Water Project and the City of San Diego's Clean Water Project, and sewer or wastewater treatment revenue bonds for cities such as San Mateo, Burbank, Redding, Pleasanton, Pittsburg, Turlock, Barstow, and Watsonville, utility districts, sanitary districts, community services districts and joint power authorities
• Solid Waste/Resource Recovery Bonds: Financings for public and private owners and operators through the California Alternative Energy Source Financing Authority (resource recovery projects for Lever Brothers and Fairhaven Power); California Pollution Control Financing Authority (for Burney Forest Products and Honey Lake Power Project; various wood-fired resource recovery facility projects and other solid waste projects, including CAPCO El Nido Project, City of Chowchilla, Monterey Solid Waste Financing Authority, Sierra Pacific Industries, City of Imperial, Mesquite Lake Associates, Ltd., City of Modesto, Stanislaus County, Sunset Environmental, Inc., Ultrapower-Malaga Fresno, Ultrapower-Rocklin, Wadham Energy Project and Colusa Energy Project); County of San Joaquin (landfill project); County of Nevada (landfill project); County of Sacramento (landfill project); County of Alameda, City of Watsonville (solid waste project); City of Los Angeles LANCER resource recovery project; City of Commerce (CA) (refuse to energy project); West County Resource Recovery, Inc. (recycling facility); Foster Wheeler (Charleston, South Carolina) solid waste resource recovery facility; West Virginia Industrial Development (small power plant fueled by coal waste); Metropolitan Service District (NY) (solid waste disposal system for composting facility and transfer stations); Charleston (SC) (mass-burn resource recovery project); Connecticut Development Authority (power plant fueled by waste tires for Oxford Energy); Snohomish County, Washington (solid waste) and Clark County, Nevada (small power plant fueled by waste tires for Oxford Energy)
• Water Revenue Bonds: Including water supply and water treatment projects for the California Department of Water Resources, Los Angeles Department of Water and Power, San Francisco Public Utility Commission, City of Antioch, City of Fresno, City of Santa Barbara, City of Riverbank, City of Lincoln, City of Sacramento, Irvine Ranch Water District, San Diego County Water Authority, Modesto Irrigation District, West Stanislaus Irrigation District, Mojave Water Agency and Contra Costa Water District
• Other Enterprise Revenue Bonds: Louisiana Public Facilities Authority (revenue bond financing for local government liability insurance program), California Fairs Financing Authority (satellite wagering revenue bonds), California Transportation Commission (refunding program for San Francisco Bay Toll Bridges), State of Wyoming (farm loan revenue bonds), State of Hawaii (highway revenue bonds), San Francisco Parking Corporations (parking revenue bonds), stadium and events center revenue bonds, and dormitory and student center bonds paid from housing revenues and student fees
• Pool Programs: Such as pool loan programs for California Health Facilities Financing Authority (both public and private hospitals), California School Boards Association, County Supervisors Association of California, California Pollution Control Financing Authority, California Statewide Communities Development Authority, California State Public Works Board Energy Efficiency pool program, Irvine Ranch Water District, capital improvement pools for Richmond (CA), various other cities and joint powers authorities, Vermont Municipal Bond Bank and Arkansas Development Finance Authority

We consistently rank number one in California and are among the top few firms nationally as bond counsel in revenue bond financing. During 2002 we served as bond counsel for 348 issues totaling more than $23 billion. We also serve as underwriter's counsel, special tax counsel and credit provider counsel on such financings.

Some of the foregoing overlap the practice and expertise of other Orrick practice groups, such as the Public Power Group, the Water and Wastewater Finance Group, the Transportation Finance Group, the Industrial Development, Pollution Control and Solid Waste Financing Group, or the Health Care Finance Group, and are handled by attorneys belonging to both groups. In addition, attorneys in the Revenue Bond Group handle conduit revenue bonds for private non-profit or for-profit owned and operated universities, colleges and other educational facilities; hospitals, nursing homes, retirement centers and other (including multilevel) health care facilities; various types of nonprofit charitable organizations; rental housing; solid waste and resource recovery facilities; various types water facilities; electric energy facilities; and industrial facilities.