Allens has acted for the Municipal Association of Victoria in connection with the establishment of Australia's first municipal note program, the Local Government Funding Vehicle.

The inaugural $240 million medium term note issue under this innovative structure settled on 12 November 2014.

The bonds were issued by a special purpose trust which has made loans to 30 participating Victorian councils to fund municipal capital requirements.

The landmark deal was led by Allens Partner James Darcy, with support from Tax Partner Martin Fry, Managing Associate Paul Cerche and Associate Matthew De Remer.

Mr Darcy, Head of Debt Capital Markets at Allens, said: 'Allens is pleased to have been involved in the creation of an innovative funding platform which provides an opportunity for local governments in Australia to pool their funding requirements in order to efficiently access the capital markets.

CONTACTS

James Darcy (Partner – Melbourne); Martin Fry (Partner – Melbourne); Paul Cerche (Managing Associate – Melbourne); Matthew DeRemer (Associate – Melbourne).