The EDA's list of Designated Bond Counsel Firms comprises private law firms approved by the State Attorney General's Office as having particular experience and expertise in this specialized area of federal tax law. Bond Counsel represents the Authority, drafting necessary resolutions and financing documents concerning the project. At the bond closing, bond counsel delivers an opinion that the project qualifies and the interest income earned on the EDA's bonds is exempt from federal income taxes, subject to certain limitations.
At the time an application is submitted for the issuance of bonds, applicants must select a firm from the list to act as Bond Counsel for their project. The EDA encourages applicants to utilize a competitive process to make their selection. Applicants still need to have their own legal counsel to represent their interests in the transaction.
Bond Counsel fees are paid by the applicant at the closing of the bond transaction and may be financed with bond proceeds subject to certain limits. Applicants may be charged a fee by Bond Counsel even though the project does not close with Authority bonds.
You should consult with Authority staff concerning the details of Bond Counsel selection.
Click here for the EDA's list of Designated Bond Counsel Firms.