SCHOOL BOND ISSUES

            The Cuddy & McCarthy Firm is listed in The Bond Buyer's Municipal Marketplace, and is recognized statewide as independent bond counsel.  Additionally, our firm is rated as "AV" by fellow attorneys and judges in the Martindale-Hubbell Legal Directory.  This is the highest rating that can be achieved and is earned by only approximately 10% of the law firms in the country.  This rating reflects the judgment by fellow professionals as to the quality of work of the firm. 

            The function of bond counsel includes the responsibility to assist the District in following all constitutional, statutory and regulatory provisions governing the issuance of bonds in order to avoid election contests or challenges to the validity of the bonds in subsequent proceedings.  Only one of the issues in which the Cuddy & McCarthy Law Firm has acted as bond counsel has been contested in a suit, involving a New Mexico school district’s bond election, which was successfully defended by the Law Firm. 

            Our law firm has worked closely with the major national rating agencies and municipal bond insurers for many years and we are thoroughly familiar with the requirements imposed by the rating agencies and bond insurers on various types of municipal financing.  We typically are involved in the rating process by providing the rating agencies with drafts and executed copies of primary financing documents to be used in a particular transaction along with a draft of the firm’s proposed bond opinion.  Although the usual rating agency "package" (including, particularly, financial information relating to the client and the proposed transaction) typically is prepared by the financial advisor, we are prepared to provide whatever assistance is deemed necessary in presenting information and documentation to the rating agencies and bond insurers, in answering questions posed by such entities.

            Most of our contact with the rating agencies and the bond insurers is through telephone conferences and written correspondence; however, if the client and the financial advisor request our attendance at rating agency and/or bond insurer presentations, we will attend and participate.  As Bond Counsel, we recognize the importance of responding promptly to requests and inquires made by the rating agencies and bond insurers.  Our objective is to assist the client to achieve the highest possible rating within the financing structure which, in the opinion of the client and its professional consultants, is most beneficial to the client.

            The Cuddy & McCarthy Law Firm represents more than three-quarters of New Mexico's public school districts, and has served as Bond Counsel or Co-Bond Counsel in over two hundred fifty general obligation bond, refunding and other public security issues.    Although the entire staff of the Cuddy & McCarthy Firm and its facilities is always available to the District, the member of the Cuddy & McCarthy Law Firm that would be primarily responsible for bond matters is Patricia Salazar Ives.   Ms. Ives has experience in advising and representing state and local public bodies in all state and federal courts, and in administrative proceedings and has served as counsel to the Institute of American Indian Arts, a federal corporation, and post-secondary institution, for more than 15 years.  This broad base of experience in public sector representation makes her very knowledgeable in the problems and issues facing a school district such as Roswell.

            Ms. Ives has also provided opinion letters to both public and private national communications clients on a wide range of legal matters and transactions affected by state and federal law.  In addition, Ms. Ives has over twenty years experience in practicing in state and federal courts and has handled a broad range of contested administrative and judicial proceedings including mandamus actions in the district courts and Supreme Court, injunctions, tort claims actions, professional liability cases, procurement protests under the Procurement Code, civil rights actions, quiet title suits, contract claims and other types of civil litigation.  Ms. Ives is experienced with both federal and state rules of civil procedure, evidence and federal and state appellate procedure.  She is admitted to practice in New Mexico district court and in federal district court, the Tenth Circuit Court of Appeals and the U.S. Supreme Court.  Her litigation practice has involved all aspects of pretrial discovery including motion practice, written discovery and depositions.  She is currently serving as co-counsel on bond issues in several school districts in New Mexico, including Chama Valley, Cloudcroft, Cuba, Dexter, Dora, Dulce, Estancia, Gadsden, UNM Gallup Branch, Grants, Hondo Valley, Lake Arthur, Las Cruces, Las Vegas, Lordsburg, Mora, Pecos, Roy, Silver City, Socorro, Truth or Consequences and Vaughn.

            The Cuddy & McCarthy Firm has paralegal staff whose responsibilities are assigned solely to the area of public finance.  We have found that utilization to be extremely cost effective because it assures that the basic, but time consuming, document management and production is handled by experienced Para-professionals.  By making use of experienced paralegals, we believe we are able to increase the efficiency and availability of the attorney for legal analysis and client representation.

            The firm’s staff has developed the necessary expertise with respect to bond issues which is evidenced by the volume of bond issues the firm has handled.  We have extensive document resource files which provide the form base for development of particularized documents to fit the specific issue and need.

Back to Practice Areas