Lawyer Bio : Paul H. Billow

Paul practices in the area of municipal bonds and public finance, serving in the roles of bond counsel, underwriter’s counsel and borrower’s counsel primarily in connection with North Carolina public finance transactions. He has substantial experience in all types of public finance transactions, including general obligation bonds, revenue bonds, special obligation bonds, installment and lease-purchase financings and certificates of participation (COPs). Paul works on tax-exempt bond financings for hospitals, continuing care retirement communities, airports, 501(c)(3) corporations and various governmental units, with particular emphasis on financings for water and sewer projects and schools. Paul is well versed in the State laws, securities laws and federal tax laws relating to tax-exempt bonds and has assisted in the drafting of many legislative bills relating to public finance in North Carolina.

Representative Clients
State of North Carolina, University of North Carolina Hospitals at Chapel Hill, North Carolina Medical Care Commission, University Health Systems of Eastern Carolina, Inc., North Carolina Capital Facilities Finance Agency, Pitt County, North Carolina, City of High Point, North Carolina, City of Gastonia, North Carolina, Town of Apex, North Carolina, Banc of America Securities LLC, Citigroup Global Markets, Inc., Wachovia Bank, National Association, BB&T Capital Markets.

Representative Financings:

• $98,015,000 Board of Governors of the University of North Carolina University of North Carolina Hospitals at Chapel Hill Revenue Refunding Bonds, Series 2003A and Series 2003B. Served as bond counsel in connection with the issuance of advance refunding bonds involving the issuance of variable rate bonds and the integration of an interest rate swap agreement.
• $87,125,000 North Carolina Medical Care Commission FHA Insured First Mortgage Revenue Bonds (Rowan Regional Medical Center Project), Series 2004. Served as bond counsel in connection with the issuance of FHA-insured mortgage revenue bonds under HUD’s Section 242 mortgage insurance program. 
• $26,745,000 North Carolina Capital Facilities Finance Agency Revenue Bonds (North Carolina Aquarium Society Project), Series 2004. Served as bond counsel in connection with the issuance of revenue bonds to finance the renovation and expansion of facilities for the North Carolina Aquarium involving the lease and lease-back of the facilities by the State of North Carolina.
• $18,465,000 City of Shelby, North Carolina Combined Enterprise System Revenue Bonds, Series 2004, delivered October 28, 2004. Served as bond counsel in connection with the issuance of revenue bonds secured by the City’s water, sewer, electric and natural gas revenues.
• $42,510,000 County of Pitt, North Carolina Certificates of Participation (School Facilities Project), Series 2004B, delivered October 26, 2004. Served as bond counsel in connection with the delivery of certificates of participation financing to finance various public school facilities utilizing a master trust agreement structure.