Joshua Bonney

Associate

Washington, D.C.

Joshua R. Bonney is a member of the Public Finance Department. His practice focuses on the structuring, negotiation, and documentation of tax-exempt, tax-advantaged, and taxable debt transactions organized under Section 103 and Sections 141 through 150 of the Internal Revenue Code.

Joshua represents state and local governmental units, public authorities and instrumentalities, for-profit and nonprofit corporations, financial underwriting institutions, bank and non-bank direct purchasers, and other market participants in governmental and qualified private activity bond issuance transactions across industry segments including energy and infrastructure, transportation, education, housing, healthcare, and other public finance sectors.

Joshua regularly serves as bond counsel, underwriter’s counsel, disclosure counsel, issuer’s counsel, borrower’s counsel, and bank counsel in connection with the issuance of publicly-offered and directly-placed investment-grade and non-investment-grade debt instruments on a secured (senior, parity, and subordinate) and unsecured basis in short-term, interim, and long-term form. Products and structures include, among others, appropriation-backed installment method financings (certificates of participation, limited obligation bonds, and lease-purchase obligations), on and off-balance sheet project revenue obligations (including public-private partnership “P3” delivery methods), tax-increment financing obligations, enterprise revenue obligations (including AMT and non-AMT airport revenue bonds, water and sewer revenue bonds, and stormwater revenue bonds, etc.), general obligations, special obligations, short-term borrowing programs and other revolving and non-revolving credit facilities, and various forms of credit and liquidity enhanced financings for fixed-rate, variable-rate, and multi-modal obligations.

  • Before joining Orrick, Joshua was a research fellow at the Center for Public Leadership at Harvard University's John F. Kennedy School of Government, where he focused on the sociopolitical effects of federal and state legislation on various parts of the U.S. electorate in connection with presidential election cycles.

  • Joshua’s transaction experience includes the following:

    • Represented as bond counsel a large municipal corporation in connection with a current refunding of water and sewer system revenue bonds through the issuance of fixed-rate, negotiated, publicly-offered, tax-exempt water and sewer system refunding revenue bonds in excess of $400 million in par amount. Simultaneously transacted proposed amendments to the general indenture to take effect on consent of owners of a majority in outstanding par amount of previously issued parity obligations.
    • Represented as special tax counsel a constituent institution of the University of North Carolina in connection with the issuance through the Arizona Industrial Development Authority of fixed-rate, negotiated, publicly-offered, tax-exempt and taxable, student housing facilities revenue bonds in excess of $109 million in par amount structured as a public-private-partnership (“P3”) with a national 501(c)(3) exempt organization student housing development entity.
    • Represented as bond counsel a large municipal corporation in connection with the issuance of AMT and non-AMT airport revenue bonds to refund maturing draw-down bond anticipation notes and finance the acquisition and construction of capital improvements for an international airport system in excess of $178 million in par amount.
    • Represented as borrower’s counsel a nonprofit corporation higher education institution in connection with the issuance through the Public Finance Authority of a variable-rate, directly-placed, tax-exempt educational facilities revenue bond in excess of $12 million in par amount together with execution and delivery of a floating-to-fixed rate “qualified hedge” agreement.
    • Represented as bond counsel a local county in connection with a “crossover” advance refunding of a series of “Build America Bonds” and “Recovery Zone Economic Development Bonds” through the execution and delivery of fixed-rate, negotiated, publicly-offered, tax-exempt and taxable limited obligation bonds in excess of $60 million in par amount.
    • Represented as bond counsel a constituent institution of the University of North Carolina in connection with the issuance through the Board of Governors of the University of North Carolina of fixed-rate, negotiated, publicly-offered, taxable special obligation general revenue refunding bonds in excess of $110 million in par amount.
    • Represented as bond counsel a local county in connection with the issuance of fixed-rate, competitive, publicly-offered, tax-exempt general obligation school bonds in excess of $65 million in par amount.
    • Represented as bond counsel a conduit issuer authority (the North Carolina Capital Facilities Finance Agency) in connection with the issuance of fixed-rate, negotiated, publicly-offered, tax-exempt educational facilities revenue bonds for a nonprofit corporation higher education institution in excess of $97 million in par amount.
    • Represented as underwriters’ counsel two large investment banking firms in connection with the execution and delivery of fixed-rate, negotiated, publicly-offered, tax-exempt limited obligation bond anticipation note subject to a “take out” letter of conditions issued by the United States Department of Agriculture in excess of $67 million in par amount.