Paul C. Marengo

Partner

Paul C. Marengo's practice emphasizes public and corporate finance, local government law and banking.

Public Finance
Mr. Marengo has acted as bond counsel and counsel to the underwriter, provider of credit enhancement, conduit borrower and issuer in connection with tax-exempt financings. He has represented municipal financial consultants and served as general counsel for financing and other matters to a state agency issuer of industrial development revenue bonds, an Illinois airport authority, several Illinois school districts, and other local government units.

In addition, he has represented local governments and state agencies in connection with Internal Revenue Service (IRS) audit examinations of the tax-exempt status of bond issues.

Bond Counsel
Mr. Marengo has represented as bond counsel a wide variety of issuers in 14 states, including:

• State agencies
• Boards of regents
• State universities
• Counties
• Cities
• School districts
• Special purpose districts
• Public authorities
• Nonprofit corporations acting on behalf of municipalities

He has structured and rendered opinions on issues of general obligation bonds and revenue bonds of various state, state agency, county, school, and municipal issuers, including tax anticipation warrants and notes and bond anticipation notes. He enjoys an active practice as bond counsel or special counsel in connection with Illinois tax increment financings and special service area financings.

He has helped conduct several "test" cases necessary to settle important points of law before bond opinions could be rendered. In addition, he has represented underwriters in public offerings of general obligation bonds and tax increment revenue bonds, as well as health care, educational, industrial development, and multi-family housing revenue bonds.

As counsel for several municipal financial consultants, Mr. Marengo:

• Drafted state legislation
• Prepared a model official statement
• Suggested possibilities for financing structures
• Provided advice concerning potential securities law liabilities and due diligence responsibilities

Mr. Marengo has extensive experience representing hospitals, health care systems, universities and other nonprofit organizations as borrowers in connection with tax-exempt financings. Mr. Marengo has represented a number of domestic and foreign banks issuing letters of credit to secure various types of tax-exempt bonds, including:

• Health care
• Educational facilities
• Assisted living facilities

Mr. Marengo has represented an Illinois state agency, an Illinois airport authority, and other local government units as general counsel, dealing with such issues as:

• Open meeting laws
• Freedom of information questions
• Conflict of interest issues
• Bond election contests
• Public bidding and public contract matters
• Budget matters
• Appropriation and tax levy issues
• Truth in taxation
• Meeting requirements

Mr. Marengo advises several of our firm's largest corporate clients with respect to their treasury function, including:

• Structuring and documenting financing transactions
• Interpreting existing financing documents
• Drafting corporate resolutions
• Assisting in the development of corporate policies toward financing matters

In addition, Mr. Marengo has acted as corporate counsel to several Illinois public utility companies in connection with their issuance of first mortgage bonds.

Mr. Marengo has acted as special lenders counsel to insurance companies and domestic and foreign banks purchasing privately placed taxable and tax-exempt debt securities, including government guaranteed ship financing bonds, first mortgage bonds of public utilities, and conventional loans secured by real or personal property.

He also has represented a multi-bank holding company and its subsidiary state and nationally chartered banks in federal and state bank regulatory matters.

Publications

"The 'Satisfactory Relationship' Exception From Qualification-Based Selection for Design Professionals," AIA Illinois News, Issue 3, pp. 11-12 (1997)

Awards and Honors

Leading Lawyer — Public Finance Law, Illinois Leading Lawyers Network

AV Peer Review Rated, Martindale-Hubbell

Best Lawyers in America, Public Finance

Education

Professional Memberships

National Association of Bond Lawyers