Matt Lee

Senior Associate
Norton Rose Fulbright US LLP

United States
T:+1 512 536 2421
United States
T:+1 512 536 2421
Matt Lee

Matt Lee


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Matt joined Norton Rose Fulbright's Public Finance group in July of 2015 and has devoted his entire legal career to public finance matters where he serves as bond counsel, underwriter's counsel, disclosure counsel, issuer's counsel, and trustee's counsel on a broad range of public finance transactions across the State of Texas and across the United States.  

Matt's bond counsel representations include a wide range of issuers across the entire State of Texas, including school districts, cities, counties, institutions of higher education, municipal utility districts (MUDs), special utility districts (SUDs), water control and improvement districts (WCIDs), water authorities, regional water authorities, public utility agencies (PUAs), water supply corporations (WSCs), drainage districts, irrigation districts, local government corporations (LGCs), economic development corporations (EDCs), municipal management districts (MMDs), emergency services districts (ESDs), electric and gas utility systems, etc.  The credits supporting these financings include ad valorem tax revenues (general obligation), system revenues (water, electric, gas), tuition revenues, subject to appropriation revenues, sales tax revenues, hotel occupancy tax (or, HOT) revenues, contract revenues (including take-or-pay contracts), special assessment revenues (including revenues generated within a public improvement district, or PID), tax increment revenues (including revenues generated within a tax increment reinvestment zone, or TIRZ), venue tax revenues, parking facility revenues, park revenues, solid waste revenues, jail revenues, convention center revenues, toll revenues, a combination of taxes and/or revenues, etc.  The instruments that evidence these financings take many different forms and are issued pursuant to a public sale (negotiated or competitive bid) or private placement, including significant experience with the United States Department of Agriculture (USDA) financial assistance programs and Texas Water Development Board (TWDB) financial assistance programs, including the Clean Water State Revolving Fund (CWSRF), Drinking Water State Revolving Fund (DWSRF), Flood Infrastructure Fund (FIF), State Water Implementation Fund for Texas (SWIFT, SWIRFT), and Texas Water Development Fund (D-Fund).  Matt's role as bond counsel is more holistic and goes well beyond the standard bond counsel role in a typical financing, including pre-financing steps such as participating in capital improvement planning, bond steering committee meetings, bond elections, drafting and negotiating contracts that will support the financing, tax rate management processes, as well as post-issuance steps such as assisting issuers in responding to letters of inquiry from the Internal Revenue Service (IRS), compliance with continuing disclosure undertakings, permissible uses of funds, compliance with tax-exempt covenants (spend-down, arbitrage, rebate), paying off debt early (defeasances, redemptions, refundings), etc.

Matt's underwriter's counsel representations include a wide range of underwriters and banks across the entire State of Texas and across the United States, including on the financings described above.  Additionally, Matt has significant underwriter's counsel experience in transportation financings secured, in part, with toll revenues, including Texas Transportation Commission financings and advising the United States Department of Transportation (US DOT) on their Transportation Infrastructure Finance and Innovation Act (TIFIA) program financings, including Port of Long Beach (California), Hampton Roads (Virginia), and Grand Parkway (Houston).  Matt's role as underwriter's counsel includes drafting and negotiating the bond purchase agreement, reviewing the issuer's compliance with its continuing disclosure undertakings, reviewing and commenting on the offering document, and counseling the underwriter throughout the entire transaction.  Matt has also been a resource to underwriters as they navigate the implementation of the various statutory verifications (SB 13, SB 19) in the State of Texas.  

Prior to joining Norton Rose Fulbright, Matt worked for several years in "Big 4" accounting practicing State and Local Tax and International Tax at major professional services firms in Houston, Texas.

Professional experience

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LLM, University of Houston Law Center, 2010
JD, South Texas College of Law, 2009
MS, Accounting, Trinity University, 2006
BS, Business, Trinity University, 2005

While attending Trinity University, Matt served as the president of the professional business fraternity Alpha Kappa Psi. He served as a Graduate Student Assistant while getting his Masters in Accounting, also at Trinity University. Matt served on the Corporate Counsel Review while he attended the South Texas College of Law.

  • Texas State Bar
  • The Best Lawyers in America, Ones to Watch, Banking and Finance Law, Best Lawyers, 2024
  • Texas Legislature Considers Further Limitations on Local Government Debt, April 2023 (link).
  • Living with SEC Rule 15c2-12 Municipal Securities Disclosure Amendments, December 2018 (link).
  • Texas Municipal League (TML) 2023 Annual Conference, Association of Hispanic Municipal Officials (AHMO) Breakout Session, Debriefing the 88th Texas Legislative Session from a Public Finance Perspective, Participant, October 5, 2023.
  • Municipal Advisory Council of Texas (MAC), Bonds 101, Presenter, July 28, 2023.
  • Capitol Area Maintenance and Operations (CAMO) Conference, Bonds 101, Presenter, April 21, 2023.
  • Texas Public Finance 2023 Conference presented by The Bond Buyer,  Analyzing the Latest Texas' Legislative and Regulatory Developments and Their Repercussions, Moderator, April 12, 2023.
  • Association of Hispanic Municipal Officials (AHMO) 2023 "Roadshow", Bonds 101, Presenter, March 24, 2023.
  • State Bar of Texas
  • Austin Bar Association
  • Texas State Board of Public Accountancy