Joseph E. "Jodie" Smith

Jodie is a member of the Firms' Public Finance Practice. He has over twenty years of experience and focuses on tax-advantaged finance, securities transactions, and infrastructure transactions.

Public Finance

Jodie advises government, nonprofit, and for-profit organizations on taxable and tax-exempt financings, serving as bond counsel, disclosure counsel, issuer’s counsel, and underwriter’s counsel. Jodie also advises clients on related matters, including financing restructurings, interest rate swaps, tender offers, and economic development options, and economic incentives (including tax revenue-sharing arrangements with state and local governments). Finally, Jodie assists clients in navigating post-issuance tax and securities issues, such as determining permitted uses of bond proceeds, arbitrage and rebate compliance, and continuing disclosure.

New Markets Tax Credits, Opportunity Zones, and Other Types of Tax-Advantaged Financings

Jodie advises clients on other types of tax-advantaged financings, such as deals eligible for federal and state New Markets Tax Credits and deals eligible under the federal Opportunity Zone program. In recent years, Jodie has closed several hundred million dollars in New Markets Tax Credits financings. A hallmark of Jodie’s NMTC experience has been his understanding of how to combine federal NMTCs with other financing programs like state NMTCs, federal and state historic tax credits, and taxable and tax-exempt bond financing.

Corporate and Economic Development

Jodie routinely advises clients on corporate governance, mergers and acquisitions, corporate reorganizations, and joint ventures and partnerships. He also advises clients on economic development options and economic incentives, including tax revenue-sharing arrangements with state and local governments.

Public Service Commitment

Jodie’s peers have called on him to lead various organizations in the industry. Jodie now serves as President and a member of the Executive Committee of the National Association of Bond Lawyers (NABL). Jodie previously served as Chair of NABL’s Securities Law and Disclosure Committee, responsible for coordinating NABL’s regulatory comment letters and other projects on securities law topics. He also has served as editor of NABL’s Federal Securities Laws of Municipal Bonds Deskbook (published by LexisNexis Group) and as a frequent panelist on securities law topics at NABL’s Bond Attorneys’ Workshop (Steering Committee from 2014-2016), Tax and Securities Law Institute (Chair of 2014 TSLI and Vice Chair of 2013 TSLI), and Fundamentals of Municipal Bond Law Seminar.

"Jodie is very responsive. He listens, provides options and, most of all, works with us to find a workable solution. His depth of knowledge and exposure to a variety of issues has been a great benefit to us. Also, for me, the trait that I most appreciate and admire is his integrity. He provides sound legal advice and makes sure that I have a full understanding of the situation and the impact of our decisions."

"Jodie produces excellent work in short timeframes and deals with complex issues well."

• Acted as bond counsel, disclosure counsel, company counsel, bank counsel, and underwriter’s counsel on numerous financings in many public finance sectors, including financings for the following:
  • State of Alabama and its bond issuing authorities, including general obligation financings, tobacco securitization financings, economic incentives financings, transportation financings (including GARVEEs), and pool bond financings;
  • Cities and counties, including general obligation financings and economic incentives financings;
  • School boards;
  • Governmental utility systems;
  • Governmental and nonprofit health care systems;
  • Special assessment districts and improvement districts;
  • Private activity bond issuers and conduit borrowers, including Recovery Zone Facility Bond issues, Gulf Opportunity Zone Act issues, manufacturing issues, airport/seaport issues, and solid waste issues;
  • 501(c)(3) organizations, including private schools, cultural facilities, and social welfare facilities;
  • Public private partnerships (P3s); and
  • Institutions of higher education, including private and public colleges and universities and medical schools.
• Acted as bond counsel, disclosure counsel, and company counsel on numerous tender offers relating to municipal securities.
• Acted as bond counsel, disclosure counsel, and company counsel in consent solicitations relating to amendments of terms of outstanding debt securities.
• Acted as bond counsel, company counsel, and bank counsel on numerous interest rate swaps.
• Acted as sponsor counsel and bank counsel in connection with the origination, restructuring, and unwinding of several hundred million dollars in New Markets Tax Credits financings in many sectors, including the following:
  • Alternative energy production facilities;
  • Camp facilities;
  • Charter school buildings;
  • College/university buildings;
  • Community facilities;
  • Food production/distribution facilities;
  • Hospitals, health clinics, and medical office buildings;
  • Hotels;
  • Manufacturing facilities;
  • Office buildings;
  • Primary/secondary education buildings; and
  • Shopping centers and mixed-use developments.
• Acted as sponsor counsel in connection with numerous public-private partnership (P3) and infrastructure transactions in many sectors, including the following:
  • Airport facilities;
  • Broadband facilities;
  • Port facilities;
  • Social infrastructure facilities; and
  • Surface transportation facilities

Affiliations

• National Association of Bond Lawyers, Board of Directors; Executive Committee, President (2022-2023)
• American Bar Association
• State Bar of Georgia
• Alabama State Bar Association
• Birmingham Bar Association

Civic Involvement

• Autism Support of Alabama, Board Member
• Birmingham-Southern College Norton Board of Advisors, Chair
• The Rotary Club of Shades Valley, Past Board Member/Past President

• October 12-14, 2022: Panelist of presentation during the National Association of Bond Lawyers' Annual Bond Attorneys' Workshop: "Opportunity Zones and Economic Development Project Financing" (Chicago, Illinois)
• March 7-8, 2019: Chair of panel presentation “The Life of Disclosure Counsel,” National Association of Bond Lawyers Tax and Securities Law Institute (Bonita Springs, FL)
• January 17, 2019: panel presentation “Overview of OZ Program: What We Know and Still Don’t Know,” North Carolina Opportunity Zones Convening of Local Stakeholders (Rocky Mount, NC)
• December 14, 2017: "P3 as Panacea: Will Public Private Partnerships Solve America's Infrastructure Deficit?" ASCPA Governmental Accounting and Auditing Forum (Birmingham, AL)
• November 28, 2017: Moderator of Part 2 of the Tax Reform teleconference, National Association of Bond Lawyers
• March 9-10, 2017: Chair of panel presentation “The GFOA Disclosure Guidelines: A Retrospective and Reappraisal,” National Association of Bond Lawyers Tax and Securities Law Institute (Washington, D.C.)
• December 1, 2016: “Of Lemons and Lemonade: How to Enhance Tax Law Compliance Through Implementation of a Bond Compliance Program,” 29th Annual ASCPA Governmental Accounting and Auditing Forum (Birmingham, Alabama)
• October 19-21, 2016: Chair of three panel presentations during the National Association of Bond Lawyers' 41st Annual Bond Attorneys' Workshop: "Hot Topics in Municipal Securities Law" featuring panel discussions on "Update from the SEC Office of Municipal Securities,""Municipalities Continuing Disclosure Cooperation Initiative," and "Hot Topics Hypotheticals" (Chicago, Illinois)
• March 10-11, 2016: “Municipal Securities Law Regulatory Update,” National Association of Bond Lawyers’ Tax and Securities Law Institute (Washington, D.C.)
• December 3, 2015: “Of Apples and Oranges: How to Reduce Securities Law Liability Through Implementation of a Disclosure Compliance Program,” ASCPA Governmental Accounting and Auditing Forum (Birmingham, Alabama)
• September 15-17, 2015: “Tales from the Buy Side: Investors’ Perspectives on Disclosure and Other Issues,” National Association of Health and Educational Facilities Finance Authorities’ Fall Conference (Seattle, Washington)
• September 9-11, 2015: “Hot Topics in Municipal Securities Law,” panel presentation during the National Association of Bond Lawyers’ Bond Attorneys’ Workshop (Chicago, Illinois)
• August 21, 2015: “Of Apples and Oranges: How to Reduce Securities Law Liability Through Implementation of a Disclosure Compliance Program,” Government Finance Officers Association of Alabama’s Summer Conference (Orange Beach, Alabama)
• July 10, 2015: “Of Apples and Oranges: How to Reduce Securities Law Liability Through Implementation of a Disclosure Compliance Program,” Southern Association of College and University Business Officers’ Summer Conference (Tuscaloosa, Alabama)
• March 5-6, 2015: “Tales from the Buy Side: Investors’ Perspectives on Disclosure and Other Issues,” National Association of Bond Lawyers’ Tax and Securities Law Institute (New Orleans, Louisiana)
• September 17-19, 2014: “Hot Topics in Municipal Securities Law,” National Association of Bond Lawyers’ Bond Attorneys’ Workshop (Chicago, Illinois)
• November 21, 2013: “Do You Have Your Compliance Policies Ready When the IRS and SEC Come Knocking?” Alabama Chapter of Healthcare Financial Management Association’s Fall Conference (Birmingham, Alabama)
• April 16, 2013: “Protect & Defend: SEC Rulemaking and Other Municipal Securities Developments,” National Association of Health and Educational Facilities Finance Authorities’ Summer Conference (Pensacola, Florida)
• April 12, 2013: “Do You Have Your Compliance Policies Ready When the IRS and SEC Show Up On Your Doorstep?” Montgomery, Alabama Chapter of the Association of Government Accountants (Montgomery, Alabama)