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About Elizabeth

Elizabeth Bowes serves as counsel to issuers and underwriters in public offerings and private placements of municipal bonds. She has particular experience in housing, transportation, prepaid natural gas and other structured project finance transactions. Elizabeth has worked on transactions utilizing multi-modal bonds, interest rate swaps and other advanced financial products. She advises clients with respect to primary and continuing disclosure matters and has advised issuers, bondholders and trustees on default, forbearance and work-out matters.


Recent Notable Matters

Texas Department of Housing and Community Affairs — bond counsel to issuer in connection with more than 100 multifamily apartment complex financings utilizing various structures, from publicly offered credit enhanced multi-modal bonds to privately placed pass-through structures

Texas Department of Housing and Community Affairs — bond counsel to issuer in connection with more than $2 billion of single-family bond financings, utilizing various structures and including interest rate swaps, liquidity facilities, investment agreements and warehouse facilities

Texas Department of Transportation — disclosure counsel to issuer in connection with $615 million State of Texas Highway Improvement General Obligation Bonds, Series 2016; $89.37 million State Highway Fund First Tier Revenue Refunding Put Bonds, Series 2016-B; and $150 million 2016 Remarketing: State of Texas General Obligation Mobility Fund Bonds, Series 2006-B (Multi-Modal Bonds)

Texas Municipal Gas Acquisition and Supply Corporation — underwriters counsel in connection with more than $3 billion of gas supply revenue bonds

Publications and Speeches

“Recap: The 85th Legislative Session,” Texas Bond Review Board, October 17, 2017.

"Governmental Immunity," Spotlight on Public Finance, Lunch and Learn, June 22, 2016.

"What Every Issuer Should Know About HB1295," Spotlight on Public Finance Lunch and Learn, March 23, 2016.

"Tax-Exempt Bonds: Federal Securities Law Enforcement Update," Women in Public Finance, Texas Chapter Annual Conference, January 16, 2014.

National Association of Bond Lawyers, Multifamily Housing and Single Family Housing panels.



The University of Texas School of Law,
cum laude
Transylvania University in Lexington, Kentucky,
summa cum laude

Bar Admissions



National Association of Bond Lawyers
Austin Bar Association
Texas Association of Local Housing Finance Agencies
Women in Public Finance, Texas Chapter
Executive Council




Woodward White, Inc.
Best Lawyers
Public Finance Law, 2006 - 2018; Austin Lawyer of the Year, Public Finance Law, 2017
American College of Bond Counsel
Fellow, 2007 - 2017