
H|PF attorneys have participated in financings for healthcare facilities throughout the country as bond counsel, disclosure counsel, underwriters’ counsel, and bank counsel.
In addition to counseling issuers with regard to traditional conduit financings, we represent the Dormitory Authority of the State of New York (DASNY) in connection with its tax-exempt leasing (TELP) program for medical care facilities, colleges, and universities around New York. Under DASNY’s TELP program, a traditional two-party commercial lease is converted to a tri-party lease. The commercial lender retains the role of lessor, while DASNY serves as the tax-exempt issuer/lessee. DASNY then subleases the equipment to the borrower/sub-lessee, which makes rental payments at a tax-exempt rate that are assigned to the lender. Because the lender does not pay federal, state, or local taxes on the interest portions of the lease payments, the borrower is able to attain a lower lease interest rate. We have had the opportunity to close dozens of TELP transactions as bond counsel to DASNY, including a significant number of financings for medical centers, health systems, continuing care facilities, university hospitals, and other healthcare organizations.
The attorneys at Holley & Pearson-Farrer also have particular experience in post-issuance compliance with laws and regulations, including advising issuers and healthcare providers on tax rules on use of bond-financed property.
Please reach out to us through the online contact page to discuss how we can assist with your public finance legal needs. Holley & Pearson-Farrer LLP is based in Chicago, with additional offices in Atlanta, New York, and Savannah, Georgia.
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