Public Finance

With more than 40 years of experience, BBK’s nationally recognized Public Finance practice group are leaders in the industry, serving bond, disclosure and underwriter’s counsel in billions of dollars of financings for public agencies throughout California. Our Public Finance team delivers sophisticated legal counsel at the intersection of public law, capital markets and infrastructure finance. We advise California public agencies on the planning, structuring and execution of tax-exempt and taxable debt that fund essential infrastructure and services. This includes both long-term community investments and short-term financings.

With a deep understanding of California and federal statutory and regulatory framework related to municipal finance—and backed by one of California’s largest and most experienced municipal law practices—our attorneys guide clients through financings with clarity and precision. We combine technical rigor with practical judgment to help clients navigate legal risk, meet disclosure and compliance obligations and access the capital markets efficiently and responsibly.

Sectors We Serve

• Cities, Counties, JPAs and Special Districts 
  Whether financing public infrastructure or short term cash flow needs, BBK can help. We represent cities, counties and joint powers authorities in a broad range of debt financings designed to support infrastructure projects, short-term cash flow, operations and other project-based initiatives. Our team has assisted public agencies throughout the state with successfully issuing voter-approved debt, lease financings, pension obligation bonds, sales tax revenue bonds, tax and revenue anticipation and refunding transactions and more.
  
  
• School Districts & Educational Institutions  
  We advise K–12 school districts and community college districts on general obligation bonds, certificates of participation and certificates of participation to address their infrastructure needs. This includes compliance with the Education Code, Proposition 39, and related disclosure requirements. We also assist in the issuance of tax and revenue anticipation notes to address the annual cashflow needs of our educational sector clients.
  
  
• Water, Wastewater & Utility Agencies
  We counsel enterprise utilities on revenue bond financings, rate-setting, and Proposition 218 compliance, including review of fees, rates and charges under Articles XIII C and XIII D of the California Constitution.
  
  
• Land-Secured Districts
  We advise public agencies on financing essential infrastructure and services through land-secured financings, including assessment districts and Mello-Roos Community Facilities Districts, from district formation through bond issuance and disclosure.
  
  
• Healthcare Districts
  We advise California healthcare districts on financings required public infrastructure including improvement to hospital and clinic facilities, seismic compliance, equipment acquisitions, capital improvements, as well as debt issuance to meet short term operating cash flow needs. Whether it is the issuance of general obligation bonds, revenue bonds, lease revenue bonds, certificates of participation, refunding bonds or a line of credit, BBK can assist with a healthcare district’s financing needs.

Services We Provide

• Bond Counsel
  Working closely with issuers, BBK guides public agency clients through each stage of the financing process—from initial planning and authorization, through issuance and closing. We advise on the validity, enforceability and tax status of public debt, helping issuers navigate the legal and regulatory requirements applicable to their specific financing objectives.
  
  
• Disclosure Counsel
  Our team stays current with developments in federal securities laws, SEC regulations and enforcement trends affecting the municipal market and advises issuers on how those changes impact their disclosure obligations. BBK works collaboratively with issuer staff and financing teams to identify material information and present it in a manner consistent with applicable federal securities law requirements, both at the initial offering stage and for continuing disclosure as well.  
  
  
• Underwriter’s Counsel
  We represent underwriters and placement agents in California public finance transactions, providing legal support throughout the offering process. Our role includes negotiating and drafting bond purchase agreements, reviewing disclosure documents from a due diligence perspective, and advising on federal and state securities law compliance. We work closely with underwriting teams to facilitate efficient transactions while addressing disclosure, regulatory and risk considerations.
  
  
• Training and Post-Issuance Support
  At BBK we believe supporting our clients through the life cycle of the bonds is essential. Our Public Finance team offers disclosure and tax compliance training and support to issuers both during the preparation for the issuance of a bond and post-issuance. We offer periodic webinars which offer a refresher on an issuer’s obligations and provide insight into new laws and regulations. Additionally, we provide assistance with compliance with post-issuance obligations, such as preparation of event notices and navigating an IRS audit.

Leaders in the Industry

Chambers USA

• California: Public Finance (2024-2025)
• Two members of the firm’s public finance practice group individually ranked (2024-2025)