Kutak Rock attorneys, led by Roy Koegen, served as bond counsel to the City of Missoula, Montana for a $138 million sale of bond anticipation notes to purchase its water system from the world’s second-largest hedge fund. The financing closed in 2017 following nine years of legal battles to condemn and purchase the City’s water system through Montana’s eminent domain statutes. Intensive collaboration among all parties resulted in a complex financing structure and a closing that coincided with the timing of a Montana District Court Final Condemnation Order. The one-of-a-kind financing has been awarded by The Bond Buyer as its 2017 Deal of the Year for Small Issuer Financing. Kutak Rock attorneys Tanya Barton, Larry Carlile, Mary Edwards, Adam Baird and paralegal Debbi Haskins assisted with the financing.

This was the inaugural financing for Missoula Water Company. Prior to this deal, Missoula was the last incorporated town in Montana that did not own and control its water distribution system.

The Bond Buyer’s “Deal of the Year” honors issuers who drive innovation in public finance and recognize outstanding municipal bond transactions in eight categories (Northeast Region, Southwest Region, Midwest Region, Southeast Region, Far West Region, Non-Traditional Financing, Health Care Financing and Small-Issuer Financing) from municipal bond deals that were closed between October 3, 2016 and September 29, 2017.