Attorneys in the firm's Municipal Bond practice are experienced, expert, dedicated professionals who enjoy national and statewide reputations for excellence in municipal bond law and who are committed to providing the highest quality of services in the municipal bond area. Therefore, the finn's municipal bond practice is complemented by its practice in other related practice areas, such as corporate and securities, taxation, public law, government affairs, real estate and banking. The interaction of other practice areas with the Municipal Bond practice can be generally described as follows:

Municipal Bond Practice.

William T. Avila heads the Municipal Bond practice for the Firm. In this practice area, the firm serves as Bond Counsel, Underwriters' Counsel, Issuer's Counsel, and Trustee's Counsel in financings by or on behalf of state and local public bodies. These attorneys analyze applicable state and local laws that apply to financings, draft all legal documents necessary to permit the lawful issuance of debt, negotiate and interpret the various types of bond covenants related to municipal bond transactions, and deliver an opinion as the legality and tax-exempt status of the bonds. They also represent many issuers of public securities as disclosure counsel, advising and counseling them on disclosure issues in the initial offering documents and assisting the issuer in compliance with the continuing disclosure obligations after the initial offering period, and also represent issuers as general or special counsel in connection with a variety of matters related to their general operations as a governmental unit or with special projects. Representing clients in this variety of roles has provided valuable knowledge in the assortment of public law issues which attorneys in boutique firms never experience, and enable our attorneys in providing services to other participants in municipal bond transactions, such as underwriters, institutional investors, credit enhancers, and others.

The Finn also represents a number of "Wall Street," regional, local, minority, and other underwriting and banking firms, financial advisors, and underwriters, in connection with the purchase and reoffering of municipal securities, and with compliance matters.

Corporate and Securities Practice.

The disclosure responsibilities of participants in a municipal bond transaction are shaped by a variety of considerations, including federal and state statutory and case law, industry guidelines, and standards of professional responsibility. The Firm is engaged in the review and application of the various state and federal securities laws which govern corporate and municipal bond transactions. Attorneys in this practice area are available to attorneys in the municipal bond practice for consultation, and generally support the municipal bond practice in a variety of ways. For example, attorneys in the municipal bond area have the primary responsibility drafting the Official Statement and the Bond Purchase Agreement on behalf of Underwriters relating to public finance transactions and to perform due diligence to be certain that all material facts related to the issuer of public securities and the debt itself have been properly disclosed in the offering documents. At the same time, attorneys in the corporate and securities area represent corporate issuers, underwriters, and institutional investors in debt and equity securities public offerings and private placements. While corporate securities are subject to the registration and qualification requirements of the Securities Act of 1933 and the Trust Indenture Act of 1939, from which municipal securities are exempt, the anti-fraud provisions of such acts has been applied by the SEC to municipal securities. Familiarity of the application of these laws is critical assistance which the Corporate and Securities practice affords the Municipal Bond practice.

Government Affairs Practice.

The Firm has provided a full range of governmental affairs services to its clients who have interests before federal and state governments. The firm has forged a strong commitment to providing the highest level of professional excellence in client services. Through the firm's federal and state government affairs practice it represents client interest across a broad spectrum of issues and activities in the municipal bond and securities area, as well as a wide range of international relations activities. Client representation by the firm reflects a proven record of achievement in matters which have covered the entire state and federal legislative and executive decisions-making processes, from the inception of policy initiatives to their point of enactment into law or promulgation as regulation.

Through the interaction between the Municipal Bond practice and the Government Affairs practice the firm has the capability of providing to its clients not only the latest information on policy changes affecting the authorization, validity, issuance, delivery and sale of municipal securities which very few firms can afford their clients. Additionally, through the interaction between these sections, the firm has the ability to propose and influence policy, legislative, administrative, and regulatory changes beneficial to their interest.

Real Estate Practice.

Through the Firm's Real Estate practice, the Firm represents public and private, for-profit and non-profit owners, developers and lenders in the purchase, sale, financing, and improvement of real estate. The Firm's experience in this practice area is available to in its Municipal Bond practice when the Firm is engaged in the issuance of municipal securities for the financing of a project secured by interests in land or personal property, or a project subjected to development or construction risks.

Public Law Practice.

Through the Public Law practice the Firm represents public bodies as general counsel, special counsel, or litigation counsel on such matters such as public-private partnerships, creation and performance of contracts, economic and community development, tax increment financing, tax phase-ins, licensing, local regulatory matters. Through this practice, the firm remains abreast of the latest principles affecting the authorization, performance, enforcement of public contracts, and public property, as well as the legal principles relating to the powers and duties of its governmental clients and their officers, department, agencies, and employees.

Tax Practice.

In its creation as a new firm, THE LAW OFFICES OF WILLIAM T. AVILA, P.C. retained an excellent association with the Washington, D.C. based municipal bond tax attorneys of its predecessor firm Arter & Hadden L.L.P. and Greenberg & Traurig L.L.P. Through its association with these Washington, D.C. based attorneys, the firm has available for its clients some of the nations leading tax professionals. This group of attorneys specializes in the federal tax laws and their application to municipal finance. As the tax-exempt bond provisions of the Internal Revenue Code increase in complexity, as evidenced by its rebate provisions and arbitrage restrictions, one critically important aspect of examining the qualifications of a municipal bond firm is an in-depth examination of its tax department. David Miller, now at Kutak Rock, and Bill Gehrig, in the Washington, D.C. office, and Tim Wolfe, in the Philadelphia, Pennsylvania office of Greenberg and Traurig have developed the finest reputations in the area taxation of municipal bonds. For more than a dozen years they have been the principal editors of the Federal Tax Aspects of Municipal Bonds materials for the National Association of Bond Lawyers.

When THE LAW OFFICES OF WILLIAM T. AVILA, P.C. are selected to serve as Bond Counsel, the primary work would be performed in the firm's headquarters located in the San Antonio office; although the firm's long-standing practice is to work as a team, and the knowledge and expertise of all sections and attorneys in the firm would be available and utilized to assist the governmental debt issuer with its financing requirements.