McCall has a long track record of serving public power entities in Texas, serving as bond, disclosure and underwriters’ counsel in financings for large municipal power authorities and cities throughout the State. The firm’s commitment to public power projects is evidenced by the bond counsel services it has provided for more than 25 years to the largest municipal wholesale provider of electricity in Texas. The firm has assisted in the drafting of many of the provisions of state law that allow bonds to be issued for generation and transmission facilities.
McCall has been instrumental in several innovative financings on behalf of its clients, including the restructuring refunding for the Lower Colorado River Authority that consisted of nine separate bond issues and two commercial paper programs, which remains one of the most complex public finance transactions undertaken in Texas. McCall has also assisted clients with the creation of electric transmission revenue financing systems both at the wholesale and retail level. The firm assisted with the development and implementation of a financing structure that has allowed its public power clients to post letters of credit with state agencies and state-controlled nonprofit corporations; to date, this structure has resulted in the only transactions approved by the state Attorney General allowing for the use of independent letters of credit that do not provide liquidity support for short-term or variable rate debt obligations.
Our experience also includes negotiations of complex finance structures, such as swaps and other agreements involving multiple parties, generation and operation agreements, and the financing of cogeneration facilities. McCall has also assisted our public power clients in connection with the sale and privatization of bond-financed assets, complex restructurings and the formation and operation of joint agencies.
