 |
 |
 |
 |
 |
 |
 |
 |
|
|
|
Contact information: Year of Bar Admission: 1972—Minnesota Other Courts of Admission: U.S. District Court for the District of Minnesota Practice Areas: Municipal Bonds, Public Finance, Real Estate Financing and Development Representative Clients: Education: Professional Memberships/Affiliations: Hennepin County Bar Association, Minnesota State Bar Association, American Bar Association, Minnesota Institute of Public Finance, Board of Directors; National Association of Bond Lawyers; Minnesota Government Finance Officers Association Professional Awards: Recognized by Leading American Attorneys as one of Minnesota’s Leading Commercial Real Estate Attorneys. Peter’s creative accomplishments in the public finance
area include working with the Minnesota Municipal Utilities Association to
form Midwest Consortium of Municipal Utilities (“MCMU”). MCMU acts as a
governmental tax-exempt bond pool issuer to fund loans to municipalities for
local water and sewer and electric projects. Current members of MCMU include
the Cities of Rochester, Alexandria, Princeton, Elk River, Blue Earth,
Delano, Sauk Center, Hibbing, Aitkin, Brewster, Wells and Winton, Minnesota;
Lakota, North Dakota; and the Central Minnesota Municipal Power Agency. In
addition to developing the concept of MCMU as a pool issuer and assisting in
its creation, Peter has served as bond counsel for MCMU’s bond issues to
date: $16,090,000 Revenue Bonds, Series 2005A, and $50,000,000 Revenue
Bonds, Drawdown Series 2005B. Loans are evidenced by tax-exempt notes issued
by the local governmental borrowers and secured by the borrowers’ utility
net revenues (and a city’s general obligation in the case of water and sewer
projects). The pool bonds are variable rate revenue bonds sold by negotiated
sale and backed, in addition to the borrower notes, by a letter of credit.
Loans can be either variable rate or fixed rate utilizing interest rate
swaps. About $40 million of these loans have been originated to date. |