The Role of Counsel to the Underwriters

This chapter describe roles and responsibilities of underwriter's counsel in a municipal financing. Municipal financings are very complex and it is important that each counsel involved takes its role seriously. Underwriter's counsel not only contributes to the structure of a financing, but also takes the lead for the legal team on securities law compliance and drafting disclosure on the important details of credit and structure of the financing. Underwriter's counsel needs to ask the difficult questions in a financing so that material issues are identified, explored, and disclosed in the offering document. All of the responsibilities of underwriter's counsel discussed in this chapter contribute to an effective and legally compliant financing.