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Pension Obligation Bond Financing

History That financing and a number of copy-cats that rapidly followed were tax-exempt and primarily driven by then legal arbitrage possibilities. Many of these transactions were structured as lease financings or as installment sales of annuities. Tax-exempt pension obligation bonds largely came to an end with the introduction of tax legislation that became part of the Tax Reform Act of 1986. However, we have continued to work on pension bonds that are tax-exempt because of special transition rules or special (non-arbitrage) situations. A new taxable version of pension obligation bonds ...

Post-Issuance Tax Compliance

Such efforts include: (i) the distribution of tax questionnaires to 501(c)(3) borrowers and governmental issuers of tax-exempt bonds inquiring as to the scope and extent of post-issuance compliance practices and the date of adoption of written post-issuance tax policies; (ii) annual reporting requirements for 501(c)(3) borrowers of tax-exempt bonds in the form of IRS Schedule K (IRS Form 990), which requires detailed information regarding outstanding tax-exempt bonds and private business use calculations; (iii) audits of tax-exempt bonds (including physical examination of the bond financed ...

Higher Education, Exempt Organization & Governmental Financings - Tax Presentation

by Larry Sobel, Kathryn V. Garner and Charles C. Cardall | 11.07.16

Topics covered: Qualified Equity - Allocation & Accounting Rules for Private Business Use Refunding Into Flexibility - Anticipatory Remedial Action In Connection With A Refunding Maximizing The Insubstantial - Multipurpose Elections &The $15 Million Limitation The Changing Landscape Of Private Service Contracts: Revenue Procedure 2016-44 Private Business Use - Research Contracts Private Business Use - Material Transfer Agreements Private Business Use - Incidental Use Exception & Examples & Short Term Use Exception Private ...

Private Wealth

These clients are usually private persons and we do not reveal their names. Often they own large, closely held corporations or are founders of public corporations. Our goal in working with these clients is to formulate estate plans and business arrangements that meet the client’s personal and business needs, while minimizing the tax costs (income, gift, estate, and generation-skipping tax) inherent in the transfer of wealth. The Department’s work with these families includes comprehensive wealth transfer planning, business succession planning, corporate recapitalizations, the creation of ...

Power

Our team members understand the legal aspects of power transactions and are also intimately familiar with the key commercial issues and market positions that drive our clients’ success. We draw from that in-depth understanding to provide our clients with effective and cost-efficient representation. For these reasons, leading industry participants consistently select us for their most important power transactions. Our clients include developers; private equity sponsors; strategic investors; utilities, including consumer-owned utilities; government and multilateral agencies; and lenders. Our ...

Public Finance Tax

Each year, our public finance tax lawyers structure many billions of dollars of tax-exempt financings and play pivotal roles in financings for governmental entities in 44 U.S. states and in several territories outside the U.S. The great diversity of Orrick’s practice (both geographically and in terms of the breadth of legal specializations we cover), together with our emphasis on sophisticated tax-driven transactions, gives Orrick unmatched strength in analyzing and opining on public finance tax matters and in crafting innovative solutions to tax-related problems. Orrick remains the national ...

New Developments - Trump Administration

by Edwin Oswald and Justin Cooper | 12.15.16

Below is some information and analysis we have gathered about the incoming administration and how it could possibly affect the Public Finance practice. We will continue to update this page as information becomes available so please check back. Unified control of the House and Senate by one party provides the critical mass to make tax reform more likely. However, successfully passing comprehensive tax reform legislation is time consuming and difficult, so any tax reform effort is unlikely to move forward in the first half of 2017. ...

Public Finance Credit Enhancement/Direct Purchase

Our Public Finance Credit Enhancement/Direct Purchase Group combines the expertise of our commercial finance practice with our public finance bond counsel practice (generally ranked first in the country) to offer a credit enhancer or direct purchaser expert advice on creditors’ rights in general and on public entities’ rights in particular. Public vs. Private Borrowers: Rights and Restrictions Public entities are governed by different laws and have very different rights and obligations than private borrowers.  For example, unlike private borrowers, public entities have few implied powers. ...

Pro Bono Appeals

Pro bono is part of our DNA. The founding president of the Brennan Center for Justice began our group, and many of our lawyers devoted their careers to public service before joining us. The result is a practice in which we encourage our lawyers to devote themselves to the causes that matter to them, supported by the resources that a large law firm can provide. Those causes take numerous forms. We work with the National Veterans Legal Services Program to represent deserving veterans who have been deprived of the benefits they earned. We have teamed up with the New York Office of the Appellate ...

Orrick on National Law Journal’s Appellate Hot List For 5th Time

12.27.16

Orrick has been named to the National Law Journal’s Appellate Hot List for the fifth time, recognizing our firm for major appellate wins in 2016 and the “explosive growth” of our appellate practice. The list, which honors 20 law firms for stellar appellate results, noted that Orrick’s appellate docket includes six cases worth at least $1 billion. The NLJ feature on our Supreme Court and Appellate practice highlights several of the firm’s significant wins during the past year, including securing a U.S. Second Circuit Court of Appeals win for Microsoft in a closely-watched privacy clash with ...

Public Power Financing

Since 1985, members of the Public Power Group have participated in more than 575 tax-exempt financings aggregating more than $106 billion in twenty-five U.S. states and territories, plus more than 95 taxable financings aggregating more than $55 billion for Federal power agencies and rural electric cooperatives. Orrick works with a broad range of issuer clients such as state agencies, small and large cities, districts, and joint action agencies, as well as with 9 of the 20 largest public power systems. We also work with the largest electric utility in the country (the Tennessee Valley ...

Public Finance Renewable Energy

In conventional energy, our experience includes working with IOUs, municipal utilities, electric cooperatives and several Indian tribes. We also work with these entities and a variety of public and private developers on alternative and renewable energy projects. In many cases, we bring together our power purchase agreement-based energy practice with our emerging company equity financing practice focusing on clean energy to apply public finance tax-exempt debt financing to specific projects and programs.

Property Assessed Clean Energy (PACE)

Soon after the passage of AB 811 in California in 2008, we began working with clients and other interested market participants on a variety of legal and structural issues associated with PACE and on possible financing structures. Since then, we have counseled numerous issuers, program administrators, lenders and others in California and several other states.

Project Finance

Most recently, our work had included the US$2 billion Maryland Purple Line transit project in the U.S.; the €620 million Marseille bypass toll road in France; the US$1.4 billion Vinh Tan 1, a 1,200MW power plant in Vietnam; and the US$2.4 billion privatization of the Central Terminal Building at LaGuardia Airport - the first U.S. PPP project involving an airport that includes both design and reconstruction. We have been named “Project Finance Group of the Year” four times by Law360 and are regularly recognized by leading industry and legal publications, including Project Finance magazine, ...

Patents

We have a formidable record in competitor versus competitor cases. And we’ve prevailed against the most aggressive patent assertion entities. We have a winning record in the toughest arenas, from the Eastern District of Texas and the Northern District of California to the International Trade Commission (ITC). And we’ve handled more than 60 inter partes review proceedings before the Patent and Trademark Office (PTO) Patent Trial and Appeal Board. Our results prompted The American Lawyer to name us "IP Litigation Department of the Year" in 2016. "Time and again, we heard stories…lauding ...