Lessons Learned from the American Recovery and Reinvestment Act of 2009

October.25.2009

On September 24, 2009, (East Coast) and October, 2009, (West Coast), Orrick's Public Finance and Tax Groups led a teleconference on Lessons Learned from the American Recovery and Reinvestment Act of 2009. Now that a number of bonds have been issued under the American Recovery and Reinvestment Act, this teleconference provided insights about what we have learned and how it may affect financing options.

Authors

Roger Davis Partner

San Francisco

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Practice:

Finance Sector

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Roger Davis Partner

San Francisco

Among the attributes that contributed to his Hall of Fame selection were:

Recognized and sought out for his ability to apply his unusually extensive and diverse experience to solve problems as they arise and develop new programs or financial structures, and for his expertise and judgment in securities laws and disclosure.
Dedicated to helping bring about projects and programs (whether sponsored by public entities, nonprofit corporations or for-profit enterprises) that provide a public benefit and make people’s lives better.
Having led the development of the housing and healthcare practices at Orrick, his recent focus has been on governmental transactions, all manner of non-profit corporations, public private partnerships (P3), portfolio sales, securitizations, energy and water efficiency programs, student, senior and workforce housing, pool programs, new financial structures and programs and applications of Public Finance Authority (created in Wisconsin to finance any type of project or program in any state or territory).
Some of those new financial structures and programs have included pension obligation bonds, variable rate lease financing, and, more recently, joint powers authority ownership structure (turning private activity projects or projects not generally eligible for tax-exempt financing into tax-exempt governmental purpose bonds; for example, for middle income workforce housing), and energy and other infrastructure as a service (P3, simplifying procurement, off balance sheet).
Responsibility for legislation crucial to the scope and operation of California public finance, including California Health Facility Financing Authority, California School Finance Authority, changes to joint power authority law that helped propel California Statewide Communities Development Authority and California Municipal Finance Authority into two of the most prolific issuers in the country, local agency refunding law, authorizations for swaps, investment agreements and other derivative products, creation of security interests, streamlining validation actions, and in several other states including Hawaii and creation of Public Finance Authority in Wisconsin.
Chair of Orrick’s Public finance department for several decades through 2020, during which he presided over the growth of the department from one office with 12 lawyers in San Francisco to 10 offices and over 100 lawyers and paralegals around the country, consistently ranked (for more than 2 decades now) as number one bond counsel and disclosure counsel, and within the top four underwriter counsel, for bonds issued by state and local governments throughout the United States. During this period, he also held a number of other leadership positions at Orrick, including several terms on its Executive Committee and on the Management Committee of Orrick’s wholly owned subsidiary, BLX Group, LLC (providing the public finance community with a variety of non-legal services).

In addition to his selection by The Bond Buyer for its Public Finance Hall of Fame, Roger is ranked Band 1 by Chambers, and as Acritas Star Lawyer by Acritas, as Dealmaker of the Year (twice) by American Lawyer, as “best,” “super,” “most honored,” “preeminent” or “lawyer of the year” by several other publications, and declared “the Bond King” in a cover article by California Lawyer.

Edwin Oswald Partner, Tax

Washington, D.C.

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D:+1 202 339 8438
E: [email protected]

Practice:

Finance Sector
Tax

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Edwin Oswald Partner

Washington, D.C.

His practice also includes advising on post-issuance tax compliance matters including working with non-profit borrowers of tax-exempt bonds on new IRS Schedule K annual reporting matters.

He served in the Office of Tax Legislative Counsel at U.S .Treasury Department, where he developed policy, legislative initiatives and regulations affecting public finance and structured finance.

Charles C. Cardall Partner, Tax

San Francisco

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D:+1 415 773 5449
E: [email protected]

Practice:

Finance Sector
Tax

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Charles C. Cardall Partner

San Francisco

He also has legal experience relating to both charter schools and the federal income tax classification of governmental and quasi-governmental entities. He has consulted on thousands of tax-exempt, build America and tax credit bond issues and has developed deep knowledge in almost every tax aspect of municipal finance. Private activity bonds for multifamily housing, solid waste, charter schools and independent schools are areas of particular focus in his practice, as are higher education, short-term and long-term working capital and the various forms of pooled financings. Chas also has advised numerous clients experiencing financial distress or bankruptcy in tax matters relating to their municipal bonds. Representative active clients include the State of California, the University of California, the Bay Area Toll Authority, and Charter School Capital.

As a legal and policy advocate, Chas represents both government and non-government clients in federal tax rulemaking matters and in IRS proceedings, including the various types of tax-exempt bond audits, voluntary compliance (VCAP) requests and requests for private letter rulings. He has successfully closed IRS examinations relating to solid waste, water and wastewater, working capital, healthcare, pooled, multifamily housing, and industrial development bond financings. He has obtained multiple private letter rulings and technical advice memoranda and has been integrally involved in numerous regulation and legislative projects. He has found that a close working relationship with IRS and Treasury Department personnel often is critical to obtaining good results for clients.