Skip to Content

Cyrus Torabi

Transition Partner

When a California water utility or city needs to raise funds for a capital improvement or infrastructure project, they rely on Cyrus Torabi to determine the best structuring options available. Cyrus has seen nearly every financing structure available to municipal bond issuers and has helped develop innovative strategies commonly used in today’s market. He knows what works and what is authorized by law. Equally important is his insistence that his clients understand not only the structuring options available but the legal obligations they are responsible to manage long after the transaction closes.

Helping public agencies enter into the right financing for their needs involves navigating the myriad and ever-evolving financial and operating disclosures which federal securities laws require and municipal bond investors expect. The time-consuming task of preparing disclosures can easily overwhelm the resources of public agency staff. From the outset of the disclosure development process, Cyrus seeks to minimize the burden on his clients by reviewing publicly available documents and identifying pertinent information likely to be considered material to the transaction.

Previously, Cyrus practiced as a real estate transactional attorney. He uses that experience to benefit clients seeking to offer public real estate assets as collateral in a bond issue, or in transactions that require him to evaluate real estate lease and sale documents, negotiate with title companies or review title exceptions. Given his depth of experience in water utility, lease revenue and other public financing structures, he is a sought-after speaker for major industry organizations including The Bond Buyer, the California Society of Municipal Finance Officers and the California Debt and Investment Advisory Commission. Some highlights of his career include the following deals:

Cyrus served as bond counsel and disclosure counsel to the City of Salinas in Monterey County, California, which issued two series of tax-exempt bonds through a 501c3 nonprofit public benefit corporation via a complex public-private partnership structure to finance a new police headquarters and a new public library. The new facilities will comprise a 44,000 square foot two-story police headquarters with a 25,000-square-foot support building, and a 21,000-square-foot, two-story library.

In two highly complex transactions, Cyrus served as bond counsel to The Metropolitan Water District of Southern California, which issued water revenue bonds to refund several series of outstanding bonds. By splitting the refundings among the new bond issuances, Cyrus helped his client maximize savings and efficiency.

In a lengthy transaction spanning five years, Cyrus served as bond counsel to the City of Farmersville in Tulare County, California, on a USDA loan financing for a wastewater treatment plant structured as certificates of participation backed by installment payments payable from wastewater revenues. As the project design and timing changed over the years, Cyrus worked closely with the city to ensure that the USDA’s original terms did not change, other than to benefit the city.

Acting as bond and disclosure counsel to the East Valley Water District in San Bernardino County, California, Cyrus facilitated the financing of a new district administrative headquarters. The bonds were issued through a joint powers agency and were secured by installment payments payable from a joint pledge of water and wastewater revenues. The headquarters building features water-efficient landscaping and serves as a community asset that is available for events and meetings.

Cyrus served as bond counsel to the City of Escondido in San Diego County, California, on a loan from the California Infrastructure and Economic Development Bank to finance new water storage facilities. The financing provided low-interest fixed-rate financing to the city and functioned as a private placement, which avoided extensive disclosures to public investors.


  • Part of a team that served as bond counsel and lead disclosure counsel (with primary responsibility for drafting the Official Statement) on the Foothill/Eastern Transportation Corridor Agency’s Senior Lien Toll Road Refunding Revenue Bonds, Series 2021ABCD.  This innovative 4-series financing included taxable and tax-exempt components and was awarded The Bond Buyer’s Far West Region 2021 Deal of the Year Award. The transaction was structured with refunding, tender and exchange components and achieved approximately $214 million in debt service savings for the Agency. 
  • Served as underwriter’s counsel to Stifel, Nicolaus & Company in connection with the issuance of $54 million in wastewater revenue bonds by a joint powers authority, the members of which are the cities of Livermore and Pleasanton and Dublin San Ramon Services District. The bonds will refund outstanding obligations of the joint powers authority for debt service savings.
  • Served as co-bond and disclosure counsel to the Walnut Valley Water District in connection with the issuance of $15,380,000 bonds secured by water system revenues. The bonds refunded outstanding obligations of the District for significant debt service savings.