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Obtaining effective and knowledgeable disclosure counsel is critical to issuers of municipal securities in the current regulatory environment, as the Securities and Exchange Commission (SEC) continues to expand its enforcement activity in the municipal bond market. Bracewell provides clients with an in depth understanding of federal securities laws’ application to both innovative and traditional public finance structures. Our lawyers  are experienced in developing and enforcing SEC regulations, defending clients in disclosure-oriented government investigations and advising issuers and underwriters in securities transactions. As comprehensive providers, we help issuers create documents concerning continuing disclosure obligations and the filing of material event notices under SEC Rule 15c2-12, and provide disclosure and crisis advice to clients as needed.

Experience

Recent Notable Matters

Grand Parkway Transportation Corporation (GPTC) disclosure counsel in connection with a refinancing of outstanding obligations to achieve present value debt service savings of $395 million with the issuance of $2.3 billion in taxable and tax-exempt refunding bonds to refinance a $944 million TIFIA loan (Transportation Infrastructure Financing and Innovation Act, a borrowing program administered by the U.S. Department of Transportation), as well as other outstanding debt

Texas Department of Transportation disclosure counsel to issuer in connection with $775.240 million Grand Parkway System Subordinate Tier Toll Revenue Bonds, Series 2018A (TELA Supported) and $100 million Grand Parkway System Subordinate Tier Toll Revenue Put Bonds, Series 2018B (TELA Supported)

Texas Water Development Board — disclosure counsel to issuer in connection with $1 billion State Water Implementation Revenue Fund for Texas Revenue Bonds, Series 2017A (Master Trust) and $18.9 million State Water Implementation Revenue Fund for Texas Revenue Bonds, Taxable Series 2017B

Kansas Department of Administration — disclosure counsel in connection with $1 million of Revenue Bonds (State of Kansas-KPERS), Series 2015H

State of Texas disclosure counsel to issuer in connection with $5.400 billion Tax and Revenue Anticipation Notes, Series 2017

Houston Independent School District — disclosure counsel in connection with $848.740 million Limited Tax Schoolhouse and Refunding Bonds, Series 2017

Kansas Department of Administration — disclosure counsel to assist the State in settling an enforcement proceeding with the SEC relating to pension disclosure, without admitting or denying the allegations

State of Rhode Island — disclosure counsel in the SEC’s formal investigation of its pension disclosures, securing a public letter from the Division of Enforcement announcing the closing of its investigation without recommending enforcement action

City of Irving, Texas disclosure counsel to issuer in connection with $107.610 million Combination Tax and Hotel Occupancy Tax Revenue Refunding Bonds, Series 2017; $30.405 General Obligation Refunding Bonds, Series 2017B; and $19.910 Waterworks and Sewer System New Lien Revenue Improvement Bonds, Series 2017A

Tarrant County Cultural Education Facilities Finance Corporation disclosure counsel to issuer in connection with $147.045 million Retirement Facility Revenue Bonds (Buckner Senior Living - Ventana Project) Series 2017A - Fixed Rate Bonds; $22.250 million Retirement Facility Revenue Bonds (Buckner Senior Living - Ventana Project) Series 2017B-1 Tax Exempt Mandatory Paydown Securities (TEMPS-80); $22.250 million Retirement Facility Revenue Bonds (Buckner Senior Living - Ventana Project) Series 2017B-2 Tax Exempt Mandatory Paydown Securities (TEMPS-65); $38.000 million Retirement Facility Revenue Bonds (Buckner Senior Living - Ventana Project) Series 2017B-3 Tax Exempt Mandatory Paydown Securities (TEMPS-50); and $2.800 million Retirement Facility Revenue Bonds (Buckner Senior Living - Ventana Project) Series 2017C Taxable Mandatory Paydown Securities (Taxable MPS)

Galveston County, Texas disclosure counsel to issuer in connection with $62.835 million Limited Tax Refunding Bonds, Series 2017; $8.835 million Limited Tax County Building Bonds, Series 2017A; $14.465 million Limited Tax Flood Control and Refunding Bonds, Series 2017; and $78.805 million Unlimited Tax Road and Refunding Bonds, Series 2017

Massachusetts Turnpike Authority: (The Big Dig) — special disclosure counsel to the Massachusetts Turnpike Authority and prepared internal disclosure procedures as well as annual and continuing disclosure and Turnpike disclosure in offerings by the Commonwealth of Massachusetts*

City of Houston, Texas disclosure counsel to issuer in connection with $200 million Tax and Revenue Anticipation Notes, Series 2017

Texas Department of Transportation — disclosure counsel to borrower in connection with $615 million of State Highway Fund First Tier Revenue Bonds, Series 2016-A; $90 million State Highway Fund First Tier Revenue Refunding Put Bonds, Series 2016-B

Lone Star College System disclosure counsel to issuer in connection with $133.015 million Limited Tax General Obligation Bonds, Series 2017A

Port Arthur Independent School District disclosure counsel to issuer in connection with $27.350 million Unlimited Tax Refunding Bonds, Series 2016D; $55.840 million Unlimited Tax Refunding Bonds, Series 2016E; and $41.460 million Unlimited Tax School Building Bonds, Series 2016A

* Work completed prior to Bracewell

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