Overview
Drew’s practice focuses on federal tax and securities laws applicable to municipal bonds. Drew has substantial experience in IRS examination, audit and tax controversy matters for tax-exempt bond issuers and related participants. He provides special tax counsel services to government units, 501(c)(3) organizations, underwriters, banks and borrowers. His tax practice includes advising on swaps, derivatives and advanced financial products for tax-exempt bonds.
Drew also has considerable experience with municipal securities law matters, including SEC regulatory and enforcement matters and Municipal Securities Rulemaking Board (MSRB) regulatory matters. He advises large issuers, major underwriting firms and banks on municipal securities compliance policies and procedures.
Drew also acts as bond counsel, underwriter’s counsel, disclosure counsel, bank counsel and borrower’s counsel on government and 501(c)(3) bond issues.
Drew also has significant experience as tax and securities counsel in connection with tax-exempt bonds used in P3 infrastructure project financings.
Drew is an Adjunct Professor of Law at Georgetown University Law Center, teaching Public Finance: Tax and Securities Aspects.
Experience
- Representing cities, counties, school districts, states, hospitals and education institutions in over 100 IRS audits of tax-exempt bonds, including appeals, in the last 15 years, many resulting in no change or adjustment to the tax-exempt status of the bonds.
- Served as finance and tax counsel to the concessionaire in connection with the development, construction, operation and maintenance of the I-95 Express Lanes projects, an approximately $2.4 billion project consisting of three managed toll lanes projects in Northern Virginia pursuant to a long-term P3 concession arrangement. Subsequently served as bond and tax counsel to the Virginia Small Business Finance Authority and the concessionaire on $638 million Series 2022 Tax-Exempt Refunding Bonds that refunded Series 2012, Series 2017, Series 2019 Bonds issued in connection with the project.
- Advising numerous governmental bond issuers on tax compliance procedures and policies; represented six issuers in seeking relief from “VCAP” program for bond issuers.
- Advised a major investment banking firm on disclosure policies and procedures for SEC, MSRB and Financial Industry Regulatory Authority (FINRA) compliance purposes; advised a municipal broker-dealer on MSRB rule compliance and recent Dodd-Frank measures.
- Defense of investment banking firms in SEC investigations of municipal bond practices and in connection with underwriting of tax-exempt bonds issues.
- Developed and conducted a comprehensive antitrust compliance program for a Fortune 500 diversified financial services company’s municipal finance department.
- Serve as special tax and bond counsel to top-tier public and private higher education institutions and private secondary schools, including public offerings and direct bank placements.
- In Lafayette Life Insurance v. City of Menasha (N.D. Ind 2009), represented the City of Menasha, Wisconsin, in securities class action. Plaintiffs alleged violations of federal securities laws arising out of allegedly misleading statements pertaining to municipal bonds.
- Served as tax counsel in connection with tax-exempt bonds issued to develop and construct the I-495 Capital Beltway HOT Lanes project in Northern Virginia.
- Confidential SEC Investigation: Represented underwriter of municipal bonds in an investigation regarding accuracy of disclosures in an official statement.
- Confidential SEC Investigation: Represented municipality in connection with a municipal bond transaction and conduct of advisors, participants.
- Confidential SEC Investigation: Represented a law firm in connection with its role in municipal bond issuances.
- Confidential SEC Investigation: Represent a financial advisory firm in connection with its role in municipal securities offerings.
- Represented a 63-20 corporation as bond and tax counsel in connection with private activity bonds issued as part of the I-495 Capital Beltway HOT Lanes project, an approximately $1.5 billion roadway project consisting of both managed toll and general purpose lanes in the Washington, DC metropolitan area pursuant to a long-term P3 concession arrangement.
- Represents the consortium as tax counsel in connection with senior lien revenue bonds issued as part of financing of toll lanes in the Houston, Texas area under a long-term P3 concession.
Accolades
Honors & Recognitions
- Recipient of the Frederick O. Kiel Distinguished Service Award, National Association of Bond Lawyers, 2022
- Selected as Lawyer of the Year for Public Finance Law, Washington, DC, The Best Lawyers in America, 2020
- Selected as a Best Lawyer for Public Finance Law, Virginia, The Best Lawyers in America, 2007-2024
Affiliations
Professional
- President, 1994-1995; President-Elect, 1993-1994; Treasurer, 1992-1993; Secretary, 1991-1992; Immediate Past President, 1995-1996; Director, 1990-1996; Chairman, Education Committee, 1989-1990; National Association of Bond Lawyers
- Founding Fellow and current Director, American College of Bond Counsel
- Member, Committee on Tax-Exempt Financing, Section of Taxation, American Bar Association (ABA)
- Board of Directors, Dartmouth Partners in Community Service, a Program of Dartmouth College
Civic
- Low Income Housing Tax Credits
Insights
Legal Updates
Events & Speaking Engagements
Publications
News
Education
JD, University of Iowa College of Law, with distinction, Articles Editor, Iowa Law Review, 1981
AB, Dartmouth College, magna cum laude, 1977
Admissions
District of Columbia
Iowa
Minnesota
Washington