Harris Beach Nabs Taylor From Winston & Strawn

Rochester, N.Y.-based law firm Harris Beach PLLC has plucked Eric P. Taylor from Winston & Strawn LLP to become a partner in its public finance and economic development practice group.

Taylor has more than 20 years of experience as bond counsel, underwriter’s counsel, borrower’s counsel, and bond insurer’s counsel on a wide array of financings. He joined the New York office of Harris Beach earlier this week to specialize in revenue-supported debt.

Taylor said the past year has been a fruitful time for evolving bond structures, particularly with the implementation of Build America Bonds.

“We’re in the midst of challenging economic times and it’s going to take innovative and creative solutions to help stimulate investment in economic development and infrastructure initiatives,” Taylor said.

Looking ahead to next year he said to expect further developments along similar lines, specifically as recovery zone and enterprise zone securities become more familiar to the market.

As part of the American Recovery and Reinvestment Act, the Obama administration earmarked $10 billion for taxable recovery zone economic development bonds, which allow municipalities to receive a 45% interest cost subsidy on qualifying debt. Enterprise bonds provide financing for projects that meet certain employment and ownership targets.

“Next year you may see even more different types of financing, different products aimed at making it easier for issuers to tap the capital markets,” he added.

Taylor, who received his law degree from New York University, has served as counsel for the Dormitory Authority of the State of New York, the Empire State Development Corp., the New York State Environmental Facilities Corp., the New York State Housing Finance Agency, and many other government agencies.

Harris Beach was founded in 1856. In 2008 it ranked as the 78th-largest bond counsel in terms of issuance, according to Thomson Reuters.

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