Orrick Advises on First Tennessee Charter School Bond Financing
We have assisted a wide variety of charter schools throughout the United States, developed innovative school bond financings and participated in policy and legislative activities designed to meet unique challenges and achieve a comprehensive range of purposes.
We have worked with the financing and refinancing of a wide variety of charter school projects, including working capital projects such as teaching specialists, administrative staff, Internet access, after-school and summer programs, pupil transportation, kindergarten programs, extracurricular offerings, information technology, and athletic and musical opportunities, as well as capital projects such as the acquisition and construction of new campuses, the furnishing and equipping of facilities, and infrastructure improvements.
Our public finance lawyers have handled thousands of public finance transactions, including an increasing number of tax-exempt, tax-credit and taxable financings for charter schools.
Our lawyers, in association with the National Alliance for Public Charter Schools, published Charter Schools: Borrowing with Tax-Exempt Bonds, a booklet designed to provide an introduction to charter school facilities financing for operators, boards members and related organizations.
We pioneered the financing of a start-up school, including construction financing, as part of an obligated group of cross-collateralized charter schools.
We represented Bronx Charter School for Excellence in the first investment-grade rated issue of tax-exempt bonds through Build New York City Resource Corporation (the only NYC issuer of charter school bonds).
We pioneered the refinancing and re-investment of New Markets Tax Credit loan proceeds for a second facility construction project during the same 7-year tax credit period using tax-exempt bonds as take-out funding.
We pioneered the use of Federal Home Loan Bank letter of credit support for a QSCB financing, resulting in 0 percent interest cost for the charter school borrower.
We structured the first issue of Qualified School Construction Bonds for a charter school (nation-wide), recognized as "Deal of the Year" by The Bond Buyer.
We structured the first multi-campus tax-exempt financing using a cross-collateralized structure in California, and the largest single issue of tax-exempt bonds to date ($93 million) for charter school facilities.