Subject: Maryland Sample Letter Notifying City of Counsel's Refusal to Submit Proposal to Serve as Bond Counsel Dear [City Official's Name], I hope this letter finds you well. I am writing to formally notify you that our firm, [Law Firm Name], will be unable to submit a proposal to serve as bond counsel for the upcoming project in the city of [City Name]. We deeply appreciate the opportunity, and thank you for considering us for this role; however, after careful consideration, we have regrettably come to this decision. Our team has extensively reviewed the project requirements, as well as our current workload and capabilities, and we have concluded that we must decline this proposal due to [provide specific reason(s)]. While it has not been an easy decision for us, we believe it is essential to maintain the highest standards of quality and client service, which we may not be able to fulfill in this particular instance. It is important for us to emphasize that our decision is purely a result of our internal assessment and is in no way a reflection of the merits of the project or the trust we have in the city's leadership. We remain committed to collaborating with your esteemed office when it comes to future endeavors that align with our expertise and commitments. Alternatively, if you require any assistance in identifying other reputable bond counsel firms to contact, we would be more than willing to provide recommendations based on our knowledge and professional network in this industry. We understand the significance of the project and the importance of selecting the most qualified bond counsel for its success. Therefore, we are here to help facilitate a smooth transition and ensure that any necessary handover processes occur seamlessly. If there are any key documents, contracts, or deliverables that need transferring, please let us know, and we will work diligently to complete the transition swiftly. Again, we want to express our gratitude for the opportunity to be considered for this role and our sincerest apologies for any inconvenience our decision may cause. Should circumstances change in the future, we would welcome the chance to collaborate with your city on other projects that align with our capabilities. Please feel free to contact me directly at [Phone Number] or [Email Address] should you have any further questions or require additional information. We wish you the best of luck in finding a highly competent bond counsel for this project's success. Thank you for your understanding. Sincerely, [Your Name] [Your Title] [Law Firm Name]
Maryland Sample Letter Notifying City of Counsel's Refusal to Submit Proposal to Serve as Bond Counsel
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FAQ
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.
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.
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.
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.
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.
