Lorraine Tyson is a Partner and member of Pugh, Jones & Johnson, P.C.’s Public Finance Practice Group.  Ms.Tyson specializes in Section 103 tax law, public finance law and municipal law.  Prior to joining the Firm, Ms. Tyson was Counsel at Mayer Brown LLP and an Associate at Chapman and Cutler LLP.  She also served as Assistant Legislative Counsel to Michael J. Madigan, Speaker of the Illinois House of Representatives, in 2001.

News Release IR-2012-57

Experience

Ms. Tyson advises clients on federal tax and securities law issues that arise in public finance and privatization transactions.  She has acted as bond counsel, underwriter’s counsel, issuer’s counsel or letter of credit counsel in connection with financings by the City of Chicago, the State of Illinois, the Regional Transportation Authority, the Illinois Finance Authority, the Illinois Housing Development Authority, Cook County, Illinois and the Board of Education of the City of Chicago.  Ms. Tyson also serves as tax controversy counsel to issuers or other participants on bond deals that have been audited by the IRS.  She has advised clients on various types of tax-exempt and taxable bonds, including general obligation bonds, alternate revenue bonds, limited tax bonds, debt certificates, revenue bonds, Build America bonds, qualified 501(c)(3) bonds, student housing bonds, recovery zone facility bonds, recovery zone economic development bonds, variable rate bonds and current and advance refunding bonds.  Ms. Tyson has acted as bond counsel, underwriter’s counsel, issuer’s counsel or letter of credit counsel on at least 350 deals totaling at least $5 billion.  She also counsels 501(c)(3) corporations on operations, governance and tax law issues. 

Ms. Tyson’s recent public finance experience includes the following representations:

• Co-Bond Counsel and Co-103 Tax Counsel for the State of Illinois (Illinois Department of Employment Security) $652,075,000 Unemployment Insurance Fund Building Receipts Revenue Bonds, Series 2012A, $707,865,000 Unemployment Insurance Fund Building Receipts Revenue Bonds, Series 2012B and $110,000,000 Unemployment Insurance Fund Building Receipts Revenue Bonds, Series 2012C.
• Co-Underwriter’s Counsel for the Forest Preserve District of Cook County, Illinois $31,575,000 General Obligation Unlimited Tax Project and Refunding Bonds, Series 2012B, $54,905,000 General Obligation Limited Tax Project and Refunding Bonds, Series 2012B and $56,450,000 General Obligation Unlimited Tax Bonds (Personal Property Replacement Tax Alternate Revenue Source), Series 2012C.
• Co-Bond Counsel and Co-103 Tax Counsel for the Board of Education of the City of Chicago $468,915,000 Unlimited Tax General Obligation Bonds (Dedicated Revenues), Series 2012A.
• Co-Bond Counsel and Co-103 Tax Counsel for the State of Illinois $525,000,000 General Obligation Bonds, Series A of January 2012 and $275,000,000 General Obligation Bonds, Taxable Series B of January 2012.
• 103 Tax Counsel and Bond Counsel for the State of Illinois $300,000,000 General Obligation Bonds, Taxable Build America Bonds, Series 2010-2, $700,000,000 General Obligation Bonds, Taxable Build America Bonds, Series 2010-3 and $56,000,000 General Obligation Bonds, Taxable Series of March 2010.

Ms. Tyson also advises Illinois governmental clients on corporate governance issues and compliance issues (e.g., complying with the Illinois Open Meetings Act and the Illinois Freedom of Information Act).  She has reviewed and drafted legislation for Illinois governmental clients.

Ms. Tyson has recently been appointed to the Internal Revenue Service's Advisory Committee on Tax Exempt and Government Entities (ACT).   She has also recently been appointed to Women in Public Finance's Board of Directors.  Ms.Tyson has also been selected a 2012 Leading Lawyer by the Leading Lawyers Network.  She has also been named one of Illinois Super Lawyers "Rising Stars" for 2013 in the area of taxation as well as a 2013 Top Women Attorneys in Illinois.  Also in 2013, Ms. Tyson was appointed to the Governors State University Board of Trustees.

Memberships

Member, IRS Advisory Committee on Tax Exempt and Government Entities (ACT)
Member, Governors State University Board of Trustees
Board of Directors, Women in Public Finance
Member, Associates Forum, Illinois Government Finance Officers Association
Member of the National Association of Bond Lawyers' (NABL) Steering Committee for the NABL Bond Attorneys' Workshop from 2011-2013
Vice-Chair of National Association of Bond Lawyers’ 12th Annual Tax and Securities Law Institute
Member of NABL's 2013 Nominating Committee
Member, Tax Committee, NABL
Member, Tax Exempt Financing Committee, American Bar Association
Member, Celia M. Howard Fellowship Committee

Presentations

Panelist on October 2012 "Official Statements--Issuer Responsibilities and Pitfalls to Avoid" webinar to Illinois Government Finance Officer members
Chair of "Current Topics Facing Issuer's Counsel" panel at the NABL 2011 and 2012 Bond Attorneys' Workshop
Panelist on "Tax Esoterica" panel at the NABL 2011 Bond Attorneys' Workshop
Panelist on "Private Activity Bonds" panel at the NABL 2012 Tax and Securities Law Institute
Speaker on "Open Meetings Act, Total Compensation Reporting, and Recent FOIA Developments" at the 2012 Illinois Government Finance Officers Association Annual Conference