Public Power, Water, Wastewater, and Other Utility Revenue Bonds

Pacifica attorneys have significant experience in the issuance of utility revenue bonds, specifically including water, generation system, electric system, wastewater, solid waste, and stormwater bonds.  We routinely represent cities, counties, public utility districts, water-sewer districts, and other revenue bond issuers.  As part of our client representation, we serve as bond counsel, disclosure counsel, and underwriter’s counsel in connection with all types of tax-exempt (AMT and non-AMT) and taxable revenue bond issues, including new money bonds, refunding obligations, tax credit and direct-pay bonds, pooled financings, bond (and other types of) anticipation notes, financing leases, commercial paper, fixed rate, variable rate, floating and other index rate obligations, tender, mandatory or soft put, forward-delivery, and other structures.

Our Experience with Revenue Financing Issues

We have substantial experience with the nuances associated with revenue financings, including rate covenants, coverage ratios including rolling coverage, parity obligations, limitations on liens and encumbrances, contract resource obligations, parity payment agreements, reimbursement obligations, assessments, springing covenants, and options related to releasing pledged revenues and establishing separate systems or combining systems for security purposes. We frequently represent utility clients on senior and subordinate financings secured by statutory liens on net revenues. We also advise clients in connection with senior, subordinate and even more differentiated multiple lien financing structures.

Bond Projects

Our work has included transmission, renewable resource, conservation, and other projects. We appreciate the business, customer demand, conservation, and environmental considerations of public utilities. We stay abreast of legal developments affecting our utility clients, and are actively involved in the Washington State Association of Municipal Attorneys, the Washington Public Utilities District Association, and the Washington Public Ports Association, and we regularly speak on public finance and other topics.