William C. Rhodes

Partner
Philadelphia

William C. Rhodes leads the firm's Education Industry Group and its Municipal Recovery Initiative. Bill regularly represents issuers, broker-dealers, and investors in all areas of public finance, with an emphasis on the offering of high-yield (unrated) municipal securities.

Bill represents clients in the financing of public infrastructure, transportation, project financing, economic development, and public purpose facilities for governments and their authorities. His clients also include public and private secondary schools, colleges, and universities; health care systems; cultural institutions; and municipal- and investor-owned water, wastewater, and energy utilities. He also has extensive experience in affordable housing, including single-family mortgage finance and multifamily, military, and senior housing projects.

Bill regularly advises issuers, underwriters, municipal advisers, and investors in the evolving landscape of municipal securities regulation and enforcement, including regulatory compliance, primary and secondary market disclosures, and enforcement actions.

Professional Highlights

Professional Activities

Colorado Bar Association

Philadelphia Bar Association

National Association of Bond Lawyers (NABL)

Pennsylvania Association of Bond Lawyers (PABL)

Recognition & Accomplishments

The Best Lawyers in America, public finance law, 2015-2020

The Legal 500 US, finance – municipal bankruptcy, 2012-2016, 2018-2021

Speaking Engagements

Bill is a frequent speaker and presenter on panels focused on legal issues in the municipal bond market. Recent speaking engagements include:

Moderator, “High Yield and Distress,” The National Federation of Municipal Analysts’ Advanced Seminar of Higher Education, January 23, 2020

Panelist, "Chapter 9 Bankruptcy," The National Federation of Municipal Analysts’ Introduction to Municipal Bond Credit Analysis, November 22, 2019

Board Memberships & Community Service

Pennsylvania Economy League, Inc., Board Member

Economy League of Greater Philadelphia, LLC, Board Member

Past board member and former President, Elfreth's Alley Association, a 501(c)(3) corporation that preserves and interprets Elfreth's Alley, the nation's oldest continuous residential street and a National Historic Landmark in Philadelphia

Publications

Co-author, "White Paper: Cybersecurity Disclosure in Municipal Offerings," October 2019

Co-author, "White Paper: Climate Change Disclosure in Municipal Offerings," October 2019 

Co-author, "General Obligation Bonds: State Law, Bankruptcy and Disclosure Considerations," National Association of Bond Lawyers, August 2014 

Co-author, "SEC Fraud Charges against Harrisburg Have Implications for Secondary Market Disclosures," Westlaw Journal / Securities Litigation & Regulation, May 29, 2013 

Co-author, "Options for Pennsylvania Cities and Municipalities in Financial Distress," Municipal Reporter, December 5, 2012 

Credentials 

Education

Dickinson School of Law of Pennsylvania State University (J.D. 1991)
Member, Dickinson Law Review

Swarthmore College (B.A. 1987, cum laude)

Admissions

Colorado

Pennsylvania