Our attorneys have represented the New Jersey Environmental Infrastructure Trust as its sole bond counsel since 1988 with respect to the Trust's annual pooled financing program (and its refundings) for wastewater treatment projects and drinking water supply projects undertaken by local government units (counties, municipalities and regional, county and municipal utilities, sewerage and improvement authorities, commissions and joint meetings), state authorities, nonprofit entities and private entities throughout the state. As Bond Counsel to the Trust, the firm has experience with the legal and structural complexities of the Trust's financing program; the full range of financing issues raised by participation in the financing program by such a large and diverse group of borrowers; and the logistical challenges presented by such a large and complex pooled financing program. The firm has served as bond counsel in connection with the issuance of approximately fifty series of bonds totaling over $1 billion. Currently, the firm is working with the Trust with regard to the development of a specialized financing program for privately sponsored Brownfield projects.
The firm has extensive experience relating to solid waste remediation financings. We served as bond counsel to the New Jersey Economic Development Authority in connection with the issuance of $150,000,000 Economic Development Revenue Bonds (EnCap Golf Holdings, LLC Project) Series 2004, $65,250,000 Economic Development Revenue Bonds (EnCap Golf Holdings, LLC Project) Series 2001A and $79,750,000 Economic Development Revenue Bonds (EnCap Golf Holdings, LLC Project) Series 2001B. These financings consisted of solid waste exempt facility bonds issued as multi modal bonds (Daily Rate Mode, Weekly Rate Mode, Term Rate Mode and Fixed Rate Mode). The proceeds of the bonds were loaned to a for-profit entity to finance the remediation of approximately 785 acres of property in the Meadowlands. This multi-agency effort, involving the New Jersey Economic Development Authority and the New Jersey Meadowlands Commission (formerly known as the Hackensack Meadowlands Development Commission), as well as the heavy regulatory role of the New Jersey Department of Environmental Protection, will finance the remediation of this landfill area in a way that takes advantage of the financial benefits of the Brownfields and Contaminated Site Remediation Act. This remediation project is designed to facilitate over $1 billion of development over a ten-year period and is expected to include the construction of golf courses, a hotel, an office complex, townhouses and related facilities.
The firm served as Bond Counsel to the NJEDA in connection with its 1998 financing for Glimcher Properties Limited Partnership in connection with the development of a portion of the Jersey Gardens mall in Elizabeth, New Jersey. This solid waste remediation project, like the EnCap project, presented a range of complex issues that needed to be resolved in order to ensure the tax-exempt status of the bonds.
Our public finance attorneys continue to counsel NJEDA with respect to potential financings for privately sponsored solid waste remediation projects, particularly with respect to the requirements of the Internal Revenue Code relating to the tax-exempt status of such bonds.