Marks-Roos Revenue Bond Counsel
At Weist Law, we handle all types of revenue bonds, focusing on Enterprise Fund and Marks-Roos Revenue Bonds, to provide a creative funding mechanism for needed capital facilities projects. Revenue bonds, as their name implies, are paid from revenues generated by a specific project or fund. Typically, revenue bonds are used for projects such as water and wastewater facilities, utility facilities, toll roads and bridges, drainage and irrigation facilities, transportation facilities such as airports and parking garages, power plants, solid waste and resource recovery projects, stadiums and other public enterprises that generate revenue.
The Weist Law Firm is known for innovation in the field, having served as bond counsel and disclosure counsel on several of the first publicly offered Marks-Roos revenue bonds and having developed borrowing programs that have no recourse and flexible spend-down features.
Our office has been handling all types of revenue and municipal bonds for over twenty years, working with government entities to determine the best way to fund revenue-generating capital facility projects. In addition to Enterprise Fund and Marks-Roos bonds, we have been involved in offerings of special fund doctrine revenue bonds, recovery zone bonds, energy revenue bonds, combination or hybrid bonds, as well as private activity and other conduit revenue bonds.
How Marks-Roos Bonds Work
The underlying concept of Marks-Roos bonds is that new entities are created from the joining of existing jurisdictions and districts, creating a pool of funding sources. The new entity may purchase bonds issued by several of the participants and reissue them as single revenue bonds to investors. These are stronger than ordinary revenue bonds and are well received in the marketplace by bond and credit rating organizations such as Standard & Poor's and Moody’s.
Drafting Widely Accepted Opinions on Tax-Exempt Status of Revenue Bonds
The complexity and the need to coordinate between different agencies to establish the Joint Powers Authority can render Marks-Roos bonds time-consuming. To be tax-exempt for investors, revenue bonds must be able to demonstrate a public purpose. Complex transactions that involve both public and private entities must be carefully structured to retain their exemption. As bond counsel in complex transactions involving Marks-Roos bonds, our office issues opinions regarding the tax status of revenue bonds. We have found those opinions to be accepted nationwide by rating agencies, trustees and retail sellers of revenue bonds.
In addition to forming joint powers authorities, our firm handles the entire transaction, from identifying sources of funding to bringing the bonds to market. For strong and creative representation and counsel in funding capital improvement projects utilizing any type of revenue bond, contact Weist Law in Los Gatos, California.
Serving California and the Greater San Francisco area – call us at 831-438-7900.