Public Finance

As a nationally-recognized bond counsel firm since 1979, Carella, Byrne, Cecchi, Olstein, Brody & Agnello, P.C. is listed in the "Red Book" of Municipal Bond Attorneys of the United States.  Carella Byrne also has national recognition in the investment community as experts in the law of municipal finance.  The firm's legal opinions as to the legality and enforceability of tax-exempt obligations are routinely relied upon by a broad range of investors.

Carella Byrne is involved in the issuance of billions of dollars of tax-exempt financings for municipalities, counties, local authorities, and various state agencies, including the New Jersey Economic Development Authority, Health Care Facilities Financing Authority, Turnpike Authority, Educational Facilities Authority, and Higher Education Student Assistance Authority.  The firm also assists large regional authorities such as the Passaic Valley Sewerage Commissioners, the Bergen County Utilities Authority, and the North Jersey District Water Supply Commission.

The firm's attorneys have served as counsel to national investment banking firms and underwriters, trustees for holders of tax-exempt securities, and general counsel to companies obtaining tax-exempt loans for industrial development purposes.  For over 20 years, partner James Byers have led Carella Byrne's Public Finance Department, providing comprehensive bond counsel rooted in four decades of collective experience with New Jersey public bond offerings and public finance law.

The firm's tax attorneys have extensive experience representing international nonprofit organizations in tax matters and financing transactions, tax consultation on tax-exempt bond financing, and venture capital financing for nonutility power generators.  Partner James Byers handle tax matters unique to tax-exempt bond issues, such as regulations promulgated under Sections 103 and 141-150 of the Internal Revenue Code.

Representative financings

(1) Carella Byrne attorneys have served as Bond Counsel to the New Jersey Economic Development Authority for over two decades for numerous financings, such as $5,000,000 Catholic Community Services Adjustable Convertible Economic Development Bonds, 1995 Series. June 29, 1995, (variable rate direct-pay letter of credit-backed 501(c)(3) bonds); $6,000,000 Catholic Community Services Adjustable Convertible Economic Development Bonds, 1993 Series December 16, 1993 (variable rate direct-pay letter of credit backed 501(c)(3) bonds); $2,305,000 Economic Development Bonds, Buehler Challenger and Science Center Foundation, Inc. Project, 1994 Series, September 30, 1994; $7,795,000 Revenue Bonds Community Mental Health Loan Program, Series 1991, February 13, 1992 (underwriter's counsel, composite bond issue for eight 501 (c)(3) mental health providers); $43,820,000 First Mortgage Revenue Fixed Rate Bonds (Fellowship Village Project, Series 1995 A); and $25,000,000 First Mortgage Revenue Variable Rate Bonds (Fellowship Village Project, Series 1995 B) (Borrower's Counsel); $15,000,000 Water Facilities Refunding Bonds (Elizabethtown Water Company Project- 1991 Series B), August 22, 1995; $10,500,000 Water Facilities Refunding Bond (Elizabethtown Water Company Project- 1991 Series A), August 22, 1991; $9,595,000 Natural Gas Facilities Refunding Revenue Bonds. Series 1991 A (New Jersey Natural Gas Company Project), March 14, 1991; $ 15,000,000 Natural Gas Facilities Revenue Bonds, Series 1991 B (New Jersey Natural Gas Company Project), March 14, 1991.

(2) Carella Byrne has served as Bond Counsel to the New Jersey Turnpike Authority for the issuance of its $275,545,000 Senior Parkway Revenue Bonds 1984 Series; $340,000,000 Senior Parkway Revenue Bonds 1986 Series; 80,000,000 Credit Agreement with Morgan Guaranty Trust Company of New York dated September 1, 1987; $75,000,000 Subordinated Parkway Revenue Bonds. 1988 Series; $237,405,000 Senior Parkway Revenue Bonds 1989 Series; $422,700,000 Senior Parkway Revenue Refunding Bonds 1992 Series; and $117,085,000 Senior Parkway Revenue Refunding Bonds, 1993 Series.

(3) Carella Byrne attorneys have served as Bond Counsel to the New Jersey Higher Education Student Assistance Authority for most of the tax-exempt financings it has undertaken, including the Authority's $22,990,000 Senior Student Loan Revenue Bonds, 1991 Series A, and $2,006,064 Subordinated Student Loan Revenue Bonds. 1991 Series B dated September 5, 1991, $50,000,000 Student Loan Revenue Bonds, 1992 Series A dated August 12, 1992. $20,000,000 Student Loan Revenue Bonds; 1993 Series A dated October 13, 1993, $25,000,000 Student Loan Revenue Bonds, 1997 Series A dated June 5, 1997, $12,000,000 Student Loan Revenue Bonds, 1997 Series B (variable rate) dated June 5, 1997, $80,000,000 Student Loan Revenue Bonds, 1998 Series A, and $50,000,000 Student Loan Revenue Bonds, 1999 Series A, and $12,000.000 Student Loan Revenue Bonds Series B, dated May 27, 1999, $70,000,000 Student Loan Revenue Bonds Series A, dated June 14, 2000, $190,000,000 Student Loan Revenue Bonds, 2001 Series A, Series B, Series C, Series D and $166,000,000 Student Loan Revenue Bonds, 2002 Series A, Series B, Series C, Series D.

(4) Carella Byrne has served as Bond Counsel to the Passaic Valley Sewerage Commissioners for the issuance of its $86,500,000 Sewer System Bonds, Series C of 1990 and its $191,535,000 Sewer System Bonds, Series D of 1992.

(5) Carella Byrne attorneys have served as Bond Counsel to the New Jersey Educational Facilities Authority for its $3,120,000 Refunding Revenue Bonds, Ramapo College of New Jersey Issue, Series 1993 D; $17,870,000 Refunding Revenue Bonds, Ramapo College of New Jersey Issue, Series 1993 E; $2,310,000 Revenue Bonds, Jersey City State College Issue, Series 1993 H; $6,145,000 Rowan College of New Jersey Issue, Series 1994 C; $18,995,000 Revenue Bonds, Stevens Institute of Technology Issue, 1992 Series A.

(6) Carella Byrne has served as Bond Counsel to the New Jersey Health Care Facilities Financing Authority as Bond Counsel in a number of financings: including: $12,195,000 Helene Fuld Medical Center Issue, Series D, dated July 15, 1991; and $28,895,000 Christ Hospital Obligated Group Issue, Series 1994, dated October 1, 1994.

(7) Over the years, Carella Byrne attorneys have represented many general obligation bond clients, including such issuers as the County of Passaic, the Township of Lyndhurst, the Township of Nutley, the Borough of North Caldwell, the Borough of West Paterson, the Borough of Demarest, and the Township of Chatham.