Clients such as cities, counties, school districts and community college districts fall within the general government practice area. These clients issue obligations supported by ad valorem taxes, revenues generated by enterprises operations, or a combination of both ad valorem taxes and revenues. McCall serves a broad range of general government clients to assist in the financing of public infrastructure improvements such as streets, public buildings, parks, school buildings, water and wastewater improvements, and jails.
Obligations supported by ad valorem taxes generally require that an election be held to authorize the issuance of such obligations. McCall attorneys assist clients in the preparation of proceedings calling bond elections, administer the various state law requirements relating to a bond election, and prepare documents necessary to canvass bond election results. If the election carries, attorneys proceed with preparing the orders and ordinances necessary to authorize the issuance of the obligations and the levy of ad valorem taxes in support of the obligations. Our attorneys also assisted issuers with the issuance of ad valorem tax supported debt obligations that do not require an election.
Revenue Bonds
Revenue generating activities, such as the operation of water and wastewater facilities by a city or tuition and fee-based services provided by community college districts, can be financed through the issuance of revenue bonds. McCall attorneys assist in drafting the financing documents necessary to authorize the issuance of revenue bonds, as well as prepare financial and other covenants relating to the activities that generate the revenues to support the bonded indebtedness. Attorneys drafting the documents will work with the client, the client’s financial advisors, representatives of rating agencies, credit providers such as banks or municipal bond insurance companies, and investment banking firms in determining the most economic and efficient financial structure to achieve the financing of revenue generating infrastructure improvements.
River Authorities
McCall has played a leading role in the development of financing tools for the conservation and development of the water resources of the State of Texas. Bonds issued by the firm’s river authority clients have played a pivotal role in the construction and operation of the major water supply reservoirs, as detailed in the long range Texas Water Plan developed by the Texas Water Development Board. The firm has assisted in the preparation of constitutional amendments that affect the operations of river authorities throughout the State of Texas.
