Carlile Patchen & Murphy understands the needs of state and local governments in the issuance of debt instruments. These debt instruments are issued to finance a variety of functions, including infrastructure, essential services and economic development. Most of these public financings require the services of bond counsel. We are experienced in assisting in structuring public finance transactions and meeting the regulatory requirements for issuance. We are also cognizant of the need for efficient, cost effective service.

The role of bond counsel originated in the 19th century when litigation over bond issues often resulted in judicial determinations that the bonds had been issued irregularly and were therefore invalid. Invalidity of bonds frequently resulted from defects peculiar to municipal finance, such as lack of public purpose, violation of debt limitations and absence of proper approval by the electorate.

Findings of invalidity often caused substantial losses to investors as governmental issues could avoid the debts. As a result, investors began to demand the presence of bond counsel in public financings to oversee the process and to opine on bond validity. Today, bond counsel also often opines on the exemption of interest on the securities from federal income taxation.

One of the primary criteria in choosing bond counsel is the level of expertise of the firm and of the individual attorneys. Carlile Patchen & Murphy and its attorneys possess the combination of knowledge, experience, skills and motivation needed to perform effectively the functions of bond counsel. We have served in all legal capacities related to public finance transactions, including bond counsel, underwriters' counsel and special issuers' counsel. We have also been involved in a variety of different types of financings, such as general obligation bonds, revenue bonds, housing bonds and industrial development bonds.