Richard Miller and Mark-David Adams (both of West Palm Beach), served as bond counsel to the Solid Waste Authority of Palm Beach County on its novel $348 million crossover refunding through the issuance of its “Series 2019 Bonds” directly purchased by Bank of America Merrill Lynch. On the Oct. 1, 2021 call date, the bonds will convert from taxable bonds to the tax-exempt rate, assuming tax law remains favorable at that time. The crossover event allows the conversion — without it, the bonds could only be issued as and remain taxable bonds. Todd Cooper (Cincinnati) provided federal tax analysis critical to the structuring of this unique deal.
Posted on March 6, 2019