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Hunton Andrews Kurth LLP

Thomas A. Sage

Thomas A. Sage



  • Banking and Finance
  • Lending Services
  • Public Finance
  • Government Relations

WSG Practice Industries



Tom is the co-lead of the Hunton Andrews Kurth Public Finance practice group.

Tom counsels both issuers and underwriters in almost every aspect of tax-exempt financing and infrastructure development. Tom emphasizes his practice in the realm of education finance, municipal finance, infrastructure, and urban development. He regularly serves as bond counsel for several cities, counties, and school districts as well as special utility districts. Tom is the foremost authority on educational finance.

In the area of traditional finance, Tom has been instrumental in guiding a number of clients through financing structures that avoid any negative impact on the tax base. Tom also developed the practice and is the authority for charter school bond financings in the States of Texas and Arkansas.

Representative Experience

Bond Counsel


  • Bond Counsel for over $3.2 billion independent school district bonds over the last three years
  • Bond counsel for an Independent School District in the sale of $276.5 million Unlimited Tax Adjustable Rate Schoolhouse Refunding Bonds
  • Bond counsel for multiple clients in the sale of over $300 million Qualified Zone Academy Bonds and Qualified School Construction Bonds
  • Created structure for Variable Rate Refunding transactions that preserve PSF Guaranty and EDA funding and issued over $1 billion in Variable Rate Bonds for various clients
  • Served as bond counsel for College Districts in the development and issuance of Lease Revenue Bonds and Commercial Paper programs
  • Innovated novel refunding structures “Rolling refundings” for larger issuers involving an aggregation of legal authority, allowing clients to optimize market entry
  • Bond Counsel on the first PSF guaranteed charter school bond issue in the State of Texas. Developed novel structures to optimize the PSF impact
  • Developed first Charter Lease Revenue financing structure
  • Developed a Commercial Paper financing structure leveraging the assets of an endowed foundation
  • Represented clients in drafting and passing valuable legislation enabling access to Federal funding through the U.S. Department of Education
  • Created non-profit development corporation to provide efficient off-balance sheet facility financing

Political Subdivisions

  • Bond counsel for a city in the financing of minor league baseball stadium and performing arts center
  • Represented cities in re-apportioning the voted sales taxes to meet current needs of the community
  • Bond Counsel for regional water authority on $96 million of revenue bonds for a combined ground water, surface water and desalinization system
  • Represented a city in negotiating the Development Agreement and issuing the Public Improvement District Revenue Bonds to finance a 700 acre mixed-use development

Underwriters and Disclosure Counsel

  • Selected as Underwriters Counsel for a $300 million independent school district refunding transaction in 2018
  • Underwriters Counsel for over $1 billion in bonds over the last three years
  • Disclosure Counsel for over $550 million in bonds over the last three years


BS, United States Air Force Academy, 1991
Areas of Practice

Banking and Finance | Government Relations | Lending Services | Public Finance | State Attorneys General | State Government Relations


  • PSF Available for Charter School Financings in Texas
  • SEC Charges 71 Municipal Issuers and Obligated Persons Pursuant to Municipalities Continuing Disclosure Cooperation Initiative
  • AK Migration: Federal Agencies Looking Closely at Municipal Bonds: What You Need to Know
  • SEC Introduces Continuing Disclosure Cooperation Initiative
  • AK Migration: Municipal Bond Offerings: SEC Charges State of New Jersey for Fraudulent Municipal Bond Offerings

WSG's members are independent firms and are not affiliated in the joint practice of professional services. Each member exercises its own individual judgments on all client matters.

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