What Do Public Finance Attorneys Do?

Behind the scenes of nearly every public project is a legal advisor helping ensure that the funding is not only available but also legally sound. These advisors are public finance attorneys, and the work they do touches nearly every aspect of how local government operates.

At Endow Law, we don’t just practice public finance law—we live it. We sit with cities and school districts, work through constraints and ambitions, and build frameworks that let public visions become public reality.

So, what do public finance attorneys do in practical terms? Let’s explore the depth of this vital profession and why their work is essential to community development.

Understanding what public finance attorneys do starts with understanding their purpose: enabling governments and public agencies to fund projects in a legally compliant, fiscally responsible way.

This isn’t just about crossing T’s and dotting I’s. It’s about building the legal infrastructure that allows public borrowing to happen at all. Cities, counties, states, school districts, and special authorities rely on municipal bonds and other funding tools to finance everything from new roads and schools to hospitals and broadband access.

But every dollar borrowed must follow complex legal frameworks—including IRS regulations, securities law, state-specific statutes, and constitutional boundaries. That’s where public finance attorneys step in.

These professionals assess the legality of proposed funding, offer guidance on structuring deals, and ensure compliance throughout the life of a bond or financing arrangement. If you’ve ever wondered “what do public finance attorneys do after a bond closes?”—they’re often still hard at work, overseeing post-issuance compliance that can last for decades.

Picture a mid-sized town preparing to build a new wastewater treatment plant. They’ve secured partial funding from federal grants but need to raise the rest through bonds.

Before they can do that, they need to answer some critical legal questions:

• What kind of bond should be issued?
• Who is liable for repayment?
• Are there any tax implications?
• How will the funds be used, and does that use comply with tax-exempt financing rules?

This is exactly what public finance attorneys do.

They guide municipalities through options like general obligation bonds, which are backed by property taxes, or revenue bonds, which are repaid through project-specific income. Choosing the right structure isn’t just about economics—it’s about legal risk. The wrong decision can mean penalties, lawsuits, or project delays.

At Endow Law, our role is to help communities think through these decisions with clarity and foresight. We act not just as legal advisors but as long-term partners in the public good.

Once the strategy is set, it’s time to put everything in writing. And in public finance, “everything” means hundreds of pages of documentation, each with legal, financial, and regulatory consequences.

Key documents include:

• Bond resolutions
• Tax compliance certificates
• Offering statements (disclosure documents)
• Bond purchase agreements
• Continuing disclosure undertakings

Why so much paperwork? These documents serve as the legal backbone of the transaction. They determine how the bonds will be repaid, how the proceeds can be used, and how information will be disclosed to the public and investors.

A single misstatement in a disclosure document can open the door to SEC investigations or investor litigation. In fact, there have been high-profile cases where inaccurate disclosures led to serious legal consequences for city officials and finance directors.

So, what do public finance attorneys do in this phase? They review, revise, and often write these documents from the ground up, ensuring accuracy, transparency, and regulatory compliance. Their job is to make sure the legal side of a bond deal is every bit as strong as the engineering plans or financial models.

Tax-exempt bonds are a cornerstone of public finance. These instruments allow governments to borrow money at lower interest rates by offering investors tax-free income. But they come with strings attached—lots of them.

The IRS places strict limits on how tax-exempt bond proceeds can be used. For example:

• Bonds must serve a public purpose (not primarily benefit private entities).
• “Arbitrage” profits (earning more on bond proceeds than the bond pays in interest) are tightly regulated.
• Post-issuance compliance, including tracking how the funds are spent and ensuring continued eligibility, is required.

If a municipality violates these rules, even years later, the bonds can be retroactively declared taxable. That means higher costs for investors and potential liability for the issuer.

So, what do public finance attorneys do to prevent that outcome? They help structure bond issues correctly from day one. But they also help governments develop policies for long-term compliance, train staff, and conduct periodic reviews to ensure nothing falls through the cracks.

At Endow Law, we view tax compliance not as a checklist, but as an ongoing relationship between our firm, our clients, and the law.

Public finance attorneys don’t only work on bond transactions. In many smaller jurisdictions, they serve as outside general counsel for all things related to public finance.

They advise school boards on how to phrase bond ballot language without crossing into electioneering. They help cities understand the implications of accepting federal aid, especially when that aid comes with complex conditions. And during crises, like the COVID-19 pandemic, they step in to interpret hastily written rules and guide governments to safe ground.

In 2020, for instance, Endow Law worked with several public clients to access emergency liquidity programs through the Federal Reserve. The rules were changing almost daily, but our role remained the same: help clients make lawful, well-documented decisions in real time.

So again, what do public finance attorneys do when the stakes are high? They become steady hands guiding governments through uncertainty, always grounded in law and service.

Not every public finance attorney handles every part of a deal. In complex transactions, multiple lawyers may be involved, each with a specific focus:

• Bond Counsel: Confirms that the bond is legally valid and tax-exempt.
• Disclosure Counsel: Ensures that offering statements comply with SEC regulations and contain no misleading statements.
• Underwriter’s Counsel: Represents the bank or institution purchasing the bonds.
• Issuer’s Counsel: Represents the governmental agency issuing the bonds.

Each role has unique responsibilities, and conflicts of interest must be carefully avoided. But all roles share a commitment to clear, compliant, and community-focused outcomes.

Professional organizations like the National Association of Bond Lawyers (NABL) and the Government Finance Officers Association (GFOA) help keep practitioners aligned through continuing education and shared standards.

The legal and financial landscape facing governments today is more complex than ever.

Green bonds, which fund environmentally sustainable projects, are one growing trend. These bonds require not only legal expertise but also fluency in environmental reporting standards and third-party verification protocols.

Cybersecurity is another fast-emerging concern. Public agencies are increasingly expected to disclose cybersecurity risks in offering documents. A poorly worded disclosure—or no disclosure at all—can open the door to lawsuits or regulatory action.

So, what do public finance attorneys do to stay ahead of these changes? They lead. They join working groups, speak at conferences, draft model policies, and advise clients on new frontiers—long before those frontiers become problems.

At Endow Law, we see innovation not as a risk, but as a responsibility.

According to the Municipal Securities Rulemaking Board, over $400 billion in municipal bonds are issued annually in the United States. That’s billions in new libraries, fire stations, electric buses, affordable housing, and more.

Behind each one is a legal framework designed to ensure transparency, accountability, and long-term public benefit. Without that framework, those projects would be far harder—if not impossible—to fund.

So if you're still wondering, “What do public finance attorneys do?” The real answer is this: we help communities bring their plans to life while protecting the public trust. Quietly, steadily, and with deep commitment to the places we serve.

 Public finance law may never be glamorous, but it’s absolutely essential. At Endow Law, we’re proud to be a trusted partner in helping communities move forward with clarity, compliance, and confidence.

Whether you're planning a school renovation, a climate-resilient infrastructure upgrade, or a straightforward refinancing, our team is here to guide you every step of the way.

So the question isn’t just what do public finance attorneys do—it’s how a committed public finance law firm like Endow Law helps you succeed?

Contact Endow Law today to start the conversation and see how we can support your goals with legal insight that truly serves the public good.