Public and Project Finance

Public and Project Financ…

For more than 20 years, Neal & Leroy, LLC has had a distinguished history of representing municipalities, municipal authorities, educational institutions and other public trusts in the area of public and project finance. We have acted as bond counsel, issuer's counsel, trustee's counsel, or underwriter's counsel in multiple kinds of municipal financing, including general obligation bonds, revenue bonds, certificates of participation, industrial development bonds, and equipment leasing. We have also represented bond trustees in such transactions. We work well with and coordinate the efforts of financial advisors, underwriters and rating agencies. Three of our attorneys, Langdon D. NealAnne L. Fredd and Richard F. Friedman are listed as bond counsel in the Bond Buyer’s Municipal Marketplace Directory.

Our attorneys represent public agencies or private firms in development projects of all sizes. In this capacity, we have worked with such financing entities as the the Illinois Sports Facilities Authority, Metropolitan Pier and Exposition Authority, Illinois Development Finance Authority, the Illinois Educational Facilities Authority, the Illinois Housing Development Authority, the Illinois State Toll Highway Authority, the Illinois Capital Development Board, the Board of Trustees of the University of Illinois, the Chicago Board of Education, the City of Chicago, and the Public Building Commission of Chicago.

We counsel our clients in the legalities of their financial obligations and the structure of the transactions consistent with tax laws, municipal authority, and constitutional parameters.

We successfully represented participants in such publicly financed and well-known projects as the O'Hare and Midway Airport modernization projects, the University of Illinois South Campus expansion project, the Medinah Temple redevelopment, the Illinois State Toll Highway reconstruction, and numerous projects for McCormick Place, White Sox Park, and the United Center.

Our public finance experience also includes smaller projects involving public financial assistance, such as tax increment financing and various forms of other municipal grant assistance.

Key Representative Matters

Illinois Sports Facilities Authority

  • Neal & Leroy served as Co-Underwriter’s Counsel for bonds in the aggregate principal amount of $292,475,000 for the Illinois Sports Facilities  Authority Refunding Bonds Series 2014. 

Metropolitan Pier and Exposition Authority

  • Neal & Leroy served as Underwriter’s Counsel for bonds in the aggregate principal amount of $97,075,000 for the McCormick Place Expansion Bonds, Series 2012A; $746,213,759.00 for the McCormick Place Expansion Project Refunding Bonds, Series 2012B; and $12,020,000 for the McCormick Place Expansion Project Refunding Bonds, Series 2012C.

Illinois Finance Authority

  • Neal & Leroy served as Issuer’s Counsel for bonds in the aggregate principal amount of $10,500,000 for the City of Chicago Variable Rate Demand Multi-Family Housing Revenue Bonds Series 2010. As Issuer’s Counsel, we drafted the bond purchase agreement, the remarketing agreement, and the official statement. We also analyzed and provided comments to the indenture of trust, loan agreement, land use restriction agreement, arbitrage and the ordinance authorizing the City of Chicago to issue the bonds. 
  • Neal & Leroy served as Trustee’s Counsel for bonds in the aggregate principal amount of $11,300,000 and $33,000,000 for the City of Chicago Multi-Family Housing Revenue Bonds Series 2009 and Series 2010, respectively, and $18,910,000 for City of Chicago Multi-Family Housing Revenue Bonds, Series 2008 (Seaway Bank and Trust Company). As Trustee’s Counsel, we analyzed and provided comments to the trust indenture, bond purchase agreement, land use restriction agreement, replacement reserve agreement, loan documents, construction funding agreement, various mortgages and notes, tax increment financing redevelopment agreement, and the official statement.

City of Chicago

  • Neal & Leroy has served as Issuer’s Counsel to the Public Building Commission of Chicago in connection with reviewing and analyzing all documents required for the issuance, sale and delivery of bonds, including the bond resolution, official statement, lease agreement, bond purchase agreement, legal opinions and closing certificates, among other bond documents. We assisted in the preparation, review and approval of TEFRA notices and board notices under the State of Illinois Open Meetings Act. We attended TEFRA hearings as well as board meetings authorizing the issuance, sale and delivery of bonds. We attended meetings with bond counsel, underwriters counsel and other participants in the planning and issuance of bonds. We assisted in the preparation of the Issuer’s closing certificate and legal opinions in our role as counsel for the Issuer.

Cook County

  • Neal & Leroy represented Cook County in defense of disadvantaged Business Programs, as well as representation of issuers, indemnities, credit providers and trustees in over thirty issues of municipal bonds.

We welcome you to contact Neal & Leroy at (312) 641-7144 or info@nealandleroy.com to discuss how we may be of service in a Public or Project Finance matter.