U.S. Supreme Court Decision in Espinoza v. Montana Department of Revenue Confirms Availability of Municipal Bond Financing for Religious Organizations
As bond counsel, underwriters’ counsel, borrower’s counsel and credit enhancer’s counsel, Eileen has worked on deals ranging from a few million dollars in value to more than $1 billion. She has broad experience with all types of financing structures including fixed rate, variable rate, flexible rate and optional tender bonds; tax-exempt and taxable debt; general obligation and revenue bond financings; unsecured obligations, mortgage-secured and project-based security; synthetic structures involving derivative products; and master trust indenture structures. Marketing alternatives have included public offerings by governmental issuers or conduit issuers, taxable bonds issued directly by non-profit organizations, direct placements with banks and financial institutions, and private placements.
While Eileen's practice encompasses all types of financings, her areas of concentration are financings for not-for-profit organizations, affordable housing, governmental purposes and public power projects. She has also participated in helping to structure and develop social impact financing programs.
Museums and Cultural Institutions: Referred to as the “bond artist” by the American Lawyer in connection with her work on the Museum of Modern Art expansion financing through the Trust for Cultural Resources, Eileen has been involved in transactions for most of the cultural institutions in New York City.
Educational Institutions and Other Non-Profit Organizations: Eileen has served as institution counsel, bond counsel or underwriter’s counsel on transactions to finance projects for a multitude of colleges, universities, health care organizations, private schools and other not-for-profit corporations, often in connection with their initial financings.
Affordable Housing: Financing the construction or preservation of thousands of affordable housing units has been an important facet of Eileen’s practice. In addition to serving as bond counsel or underwriters’ counsel on 80-20 developments, she is involved with the pooled open resolution programs established by the New York City Housing Development Corporation and the New York State Housing Finance Agency (two of the largest housing bond issuers in the country).
Governmental Purpose Bonds: As special counsel to the Office of the State Comptroller, Eileen provides advice concerning the issuance of the State’s general obligation bonds as well as other issues. She has helped to structure the Dormitory Authority’s financing programs for school districts and BOCES and has participated in the issuance of State-supported bonds by several public benefit corporations including the Dormitory Authority and Empire State Development.
Public Power: Eileen has worked with the Bonneville Power Administration for over 20 years on a range of financing programs, including on power purchases (including nuclear power) lease-purchase financings, energy prepayments, and conservation.
Eileen serves as Chair of the firm's Finance and Audit Committee and as Vice Chair for the firm’s Public Finance Group in the New York office and was a member of the Board of the firm from 2012-2018.