Heather G. White

My focus

I serve as bond counsel, disclosure counsel, borrower’s counsel, and underwriter’s counsel on transactions for a broad range of issuers and borrowers, including cities, counties, school districts, airport authorities, port authorities, transportation authorities, privately and publicly held for-profit entities, and 501(c)3 nonprofits. I focus on structuring and documenting financings and refinancings of capital projects and working collaboratively with clients to prepare meaningful disclosure for investors, often for complex transactions and credits. I have worked on the financing and refinancing of a wide range of projects, including airports, hospitals, universities, schools, transportation infrastructure, and on a wide range of taxable and tax-exempt debt, including general obligation bonds, a variety of revenue bonds, letters of credit, direct purchases, and revolving credit facilities. Representative clients include the State of California, the Airport Commission of the City and County of San Francisco, the Los Angeles County Metropolitan Transportation Authority, Western University of Health Sciences, the San Francisco County Transportation Authority, and a number of underwriting firms.

In October 2021, I received my PhD from the University of Western Australia, where I authored a thesis entitled “Promoting Prudence: Alternatives for Improving U.S. Local Government Borrowing Practices and Securities Law Compliance.” The thesis examines how best to provide local governments with the flexibility to borrow while protecting current and future residents, considering a variety of approaches to state laws governing this borrowing, and analyzing an example of a particular borrowing method, capital appreciation bonds. The thesis then suggests ways that the Securities and Exchange Commission (SEC), states, and others can help improve state and local government practices that the SEC has identified as leading to inadequate disclosure to investors. Portions of the thesis have been published as articles. I also taught legal writing at the University of Hawaii, William S. Richardson School of Law, in 2011.

Looking ahead

Volatile economic times bring a need for creative solutions that allow state and local governments to borrow to fulfill their missions and provide quality disclosure while navigating increased scrutiny and regulation.

Insights

• “Beyond a Bond-Aid Approach: Building a Better Bond Law,” 7 University of Pennsylvania Journal of Law & Public Affairs 315 (2022)
• “A Little Help from Our Friends: Moving Beyond Enforcement to Improve State and Local Government Compliance with Federal Securities Laws,” 22 N.Y.J. Journal of Legislation and Public Policy 129 (2019)
• “Getting Local Governments Where They Need to Go Without Taking Taxpayers for a Ride: “CABs,” Why They Are Used, and What Can Be Done to Prevent Their Misuse,” 49 St. Mary’s Law Journal 363 (2018)
• “Catching Too Many ‘CABS’?,” The Bond Lawyer 4 (November 2017)