Richard has extensive experience in public finance, including providing counsel to states, public authorities and municipalities on housing finance, economic development, water, sewer and solid waste infrastructure, public-private partnerships, securitization, special fund financings, transportation and validation. He develops financing program plans and provides legal counsel and assistance once the plan has been instituted. He has drafted significant financing legislation in many states, including Alaska, California, Connecticut, Indiana, Montana, New Jersey, New York, West Virginia and Wyoming, and for the Commonwealth of Puerto Rico and the District of Columbia.
Richard has been a long-time trustee of the Citizens Budget Commission, contributing to several special committee reports and has chaired several Bond Buyer and other public finance conferences.
He has managed and structured a variety of (tax exempt, taxable, general obligation, revenue-based, private activity, credit-enhanced) bond and securitization issues as bond or finance counsel for various states, public authorities and local governments. He has also served as underwriter’s counsel for various investment banking firms, and has extensive experience in working with state treasurers and budget officials, rating agencies, financial advisers and underwriters on complex and innovative new programs such as state regulatory, financing and oversight statutes for its distressed municipalities.
- Served as underwriter’s counsel in connection with the taxable $2.8 billion New Jersey Economic Development Authority, State Pension Fund Bonds, one of several efforts by the various states to address the issue of unfunded pension funds and other employee benefits.
- Represented the New York State Local Government Assistance Corporation financings, which permanently funded the $5 billion Spring Borrowing requirements of the State of New York and multibillion-dollar tax exempt original issuances during the 1975 fiscal crisis and multiple refundings thereafter for the Municipal Assistance Corporation of the City of New York.
- Drafted the Connecticut legislation that authorized the financing of Adriaen’s Landing State’s convention center in Hartford in tandem with private developer financing of the convention center hotel, thereby sharing in and reducing the cost of the basic utility services required for each.
- Represented as bond counsel the issuance and statutory drafting of the securitization of the first sales tax bond for the Government Development Bank of the Commonwealth of Puerto Rico (COFINA).
- Represented underwriters in 2014 in the first securitization of New York State sales tax issued through the Dormitory Authority.
- Represented the District of Columbia in its first issuance of the securitization of its income tax, which has become a standard financing feature for its capital program.
- Developed the first in the nation structure to reduce the interest rate on Connecticut’s borrowings for its Unemployment Compensation Fund and served as bond counsel in its evergreen $1 billion program in the 1990s.
- Represented as bond counsel the Empire State Corporation in its New York City hotel tax-supported issuance of bonds to finance improvements to the Jacob K. Javits Convention Center enhanced by the New York State Mortgage Recording Tax.
- Served as lead public finance partner for then Governor Corzine’s plan to privatize the New Jersey Turnpike and Garden State Parkway and developed the basic memorandum of fiscal options.
- Served as bond counsel for the initial, multi-year, multibillion-dollar University of Connecticut capital improvement bonding program (UConn 2000) payable primarily from state appropriation mandated by the State Constitution to support its flagship university and served recently as underwriter’s counsel on the 21st Century Bond Program.
- During Governor Schwarzenegger’s administration, served as counsel for the proposed billion-dollar securitization of certain franchise revenues from state agreements with certain Indian Tribes.
- Represented the Clean Water Program, which continues to be the structured financing choice of most states for federal, state and municipal leveraged environmental loans, which was first developed in conjunction with then New York State Environmental Commissioner while serving as bond counsel for the New York Environmental Facilities Corporation.
- Successfully represented the National Association of State Treasurers in its amicus brief on behalf of all of the states in the successful defense of Kentucky’s state income tax system exempting its own bonds in Davis v. Commonwealth of Kentucky.
Before Fox Rothschild
Prior to joining Fox Rothschild, Richard was a partner (from 1971 until retiring there in 2013) at the nation’s leading boutique public finance firm and then at an international law firm. During the Presidency of Jimmy Carter, he served as an unpaid consultant to the Department of Treasury, where he attended meetings regarding the establishment of the centerpiece of the President’s urban agenda, the Urban Infrastructure Bank, the predecessor concept to the various proposals currently for a National Development Bank.
Honors & Awards
- Included in Best Lawyers in America, 20th Edition for Public Finance Law (2014)
- Rated AV Preeminent™ by Martindale-Hubbell®