Subject: [Your Name] — Notice of Refusal to Submit Proposal as Bond Counsel [Date] [City Name] [City Address] [City Zip Code] Attention: [City Official's Name] [City Department or Division] Dear [City Official's Name], RE: NOTIFICATION OF COUNSEL'S REFUSAL TO SUBMIT PROPOSAL AS BOND COUNSEL I hope this letter finds you in good health and high spirits. I am writing to formally inform you of the decision made by our esteemed law firm, [Law Firm Name], to decline the opportunity to submit a proposal to serve as Bond Counsel for the District of Columbia. As a highly regarded and experienced legal entity specializing in municipal finance and bonds, we have thoroughly analyzed the nature of the project and requirements outlined in the Request for Proposal (RFP) released by the [City Department]. After careful consideration, we have regrettably concluded that we cannot participate in this particular endeavor. While we recognize the significance of such an opportunity and appreciate the esteemed position of being selected as Bond Counsel for the District of Columbia, [Law Firm Name] believes it is vital to maintain the highest level of commitment and dedication to existing client commitments. Our current workload and ongoing commitments require us to allocate our resources and expertise judiciously, and unfortunately, we are unable to extend our services to this project at the present time. Please understand that our decision is not a direct reflection of any shortcomings or lack of faith in the City of [City Name] or its project. We thoroughly value our professional relationship with the City and have always been passionate about serving our community to the best of our abilities. However, we must prioritize our existing obligations to ensure that our clients receive the exceptional attention they deserve. Given the circumstances, we kindly request that you strike [Law Firm Name] from the list of potential candidates for the role of Bond Counsel in the selection process. We are confident that other prestigious firms will express keen interest and deliver excellent service required to accomplish the project's objectives. Should any future opportunities arise that are well-suited to our capabilities, we would be delighted to collaborate with the [City Department] and contribute to the City of [City Name]'s continued prosperity. Thank you for considering our proposal and for your understanding regarding our current professional limitations. If you require further clarification or have any questions, please do not hesitate to contact me directly at [Your Phone Number] or [Your Email Address]. Wishing you success in the selection process and for the successful realization of this important project. Yours sincerely, [Your Name] [Your Title/Position] [Law Firm Name] [Law Firm Address] [Law Firm Zip Code]
District of Columbia Sample Letter Notifying City of Counsel's Refusal to Submit Proposal to Serve as Bond Counsel
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FAQ
Bond Counsel's primary function in a public finance transaction is to provide a legal opinion with respect to the validity of the Bonds and other subjects, particularly the federal and state tax treatment of Interest on the Bonds. Bond Counsel's client is generally, but not always, the Issuer.
A bond attorney is a lawyer who represents municipal bondholders' interests during a bond offering and who prepares a legal opinion attesting that the issue is legal, valid, and binding. They also play other roles to ensure value for the bondholders during bond and note offerings.
The bond counsel examines new municipal issues for legal or tax problems and renders an opinion on the validity, legality and tax exempt status of the issue. Bond counsels do not render economic opinions, which is the same as rendering an opinion on feasibility of an issue.
Bond Counsel is an important member of the debt issuance team who is retained by the Issuer but represents the interests of the bondholders. Bond Counsel provides a legal opinion that: Issuer is authorized to issue proposed municipal securities and has met all legal and procedural requirements necessary for issuance.
In a new municipal offering, who is responsible for hiring bond counsel? The issuer hires a bond attorney to render an opinion on the prospective municipal offering.
