Katrina Piligian Desmond

Work Highlights

Non-Profit Michigan Hospital Debt Re-Structuring

Following the affiliation of two non-profit Michigan hospitals, Katrina’s group worked as bond counsel to refinance the debt of both hospital systems, bringing them within the same credit group and creating synergies between the two hospitals. As tax counsel, this involved restructuring the debt of both hospital systems to ensure the interest on the debt continued to be tax-exempt following the transaction and thereafter. Katrina successfully helped to structure and document the transactions, resulting in millions of dollars in interest savings to the combined healthcare groups.

State of Michigan State Aid Notes

Katrina works as tax and bond counsel on the annual issuance of State Aid Notes, whereby public school districts, who often face cash flow deficits prior to their receipt of State Aid Revenues, can borrow at a low-cost, short-term basis through the State of Michigan to bridge those working capital deficits.

Public Lighting Authority, City of Detroit

Katrina assisted in the tax structuring of the newly-formed Public Lighting Authority, as part of the City's plan to "light up Detroit" and continue its blight removal efforts. This work involved pre-and post-issuance tax analysis to allow for innovative public and private financing.

City of Detroit Chapter 9 Bankruptcy Restructuring

Miller Canfield served as local counsel to the City of Detroit in connection with its Chapter 9 bankruptcy case filed in July 2013 and its ongoing restructuring efforts. Since the City confirmed its Plan of Adjustment in December 2014, Miller Canfield has continued to represent the City in connection with many aspects of its Plan implementation, appeals of Plan confirmation, set up of the Great Lakes Water Authority, and a variety of financings.

Practice Areas

Public Finance

Tax

Career

Katrina Desmond is one of a very small number of attorneys nationwide who work extensively in the area of law dealing with the highly complex Internal Revenue Code Section 103, specializing in the rules relating to the issuance and post-issuance compliance for tax-advantaged bonds.

Katrina has extensive experience in matters related to federal tax opinions on tax-exempt bonds, financing capital projects and infrastructure improvements, economic development and environmental response projects, government and regulatory affairs, health care and housing, including tax structuring for New Market Tax Credit financings, and other public-private partnership transactions.

Professional Memberships

National Association of Bond Lawyers, 2024 Steering Committee, former Editorial Board Member, Panelist

Refundings and Reissuances Panel, National Association of Bond Lawyers, October 2023

Michigan Women in Finance, Past President, Current Member

Michigan Association of CPAs

State Bar of Michigan

American Bar Association

Personal

Angels Place, Advisory Board

Accounting Aid Society

Education

Awards