THIS IS AN ADVERTISEMENT.
Long-term client relationships. We have developed many long-term relationships with our transportation clients as a result of consistent delivery of sound legal advice and our ability to handle the most complex of transportation financings. As bond counsel or underwriter's counsel for The Turnpike Authority ("TAK"), we have participated in transactions of an aggregate dollar volume in excess of $2 billion. We also serve as general counsel with respect to finance for TAK. We have approved in excess of $300 million of obligations for the Greater Cleveland Regional Transit Authority since 1995. We have worked with the Southwest Ohio Regional Transit Authority on four transactions since 1998. We have also worked with several transportation improvement districts.
Broad and Deep Experience. Through these long-term client relationships we have gained broad and deep experience with the issues which arise in transportation financings. In our years of service, we have been present for changes in the political and administrative environments surrounding our clients and the natural evolution of financing options available for transportation projects. We have witnessed the shrinking of federal dollars available to transit and turnpike authorities and devised strategies to meet their increasing need to borrow funds to provide cost-effective services to their constituents. Recently, we participated as special counsel for a lease-leaseback transaction and we have participated in the analysis of the proposed use of derivatives in transit authority financings. We have served as counsel to The Turnpike Authority of Kentucky with respect to its use of SWAPs (see "SWAPs AND OTHER DERIVATIVE PRODUCTS").
Comprehensive analysis at a reasonable cost. Transportation financings often involve complex tax issues, particularly in the case of refundings. For example, we structured a voluntary sales tax intercept for the Greater Cleveland Regional Transit Authority to redirect sales tax revenue in order to improve bond ratings. Such issues can prolong the original time allotted by the underwriter to complete the financing. However, since our firm does not usually bill by the hour, our fee is based on the parameters set at the time of engagement and the client does not face, "Oops, we underestimated our hours and our fee has increased unexpectedly," at the close of the deal.
A deep "bench." We take a team approach to our financings. Our attorneys concentrate on public finance, therefore our "bench" is very deep. Since we do not rely on billable hours, multiple partners can lend their respective expertise and devote whatever time is necessary to successfully complete the financing.
Our doors do not close with the financing. Frequently issues arise for our clients following transactions. However, they have the comfort of knowing that they can talk with us as often and at whatever length it takes to address their concerns – without getting a bill for the phone call or meeting.