Heidi H. Jeffery is a partner and business lawyer with Foley & Lardner LLP. Heidi has experience in general municipal, private activity bond, housing, student loan, health care, and senior living finance. In such transactions, she has served as bond counsel and counsel to developers, underwriters, credit enhancers, issuers, and borrowers. Heidi is a member and former vice chair of the firm’s Senior Living Team. She is also a member of the firm’s Finance & Financial Institutions, Health Care Finance, and Public Finance Practices, and the Health Care Industry Team.

Heidi also frequently represents broker-dealers in connection with municipal securities compliance matters. In addition, Heidi has experience representing banks in general lending transactions, including both secured and unsecured commercial loans.

Representative Experience

  • Bond Counsel to a county health facilities authority in connection with the refunding of outstanding bonds and issuance of $215 million of health care revenue bonds to finance a loan to a hospital system to finance the acquisition, construction and equipping of a new hospital campus.
  • Bond Counsel to the State of Illinois in connection with its issuance of $246 million of general obligation bonds to finance Medicaid payments.
  • Co-Underwriter’s Counsel on The Bond Buyer’s 2012 Deal of the Year: Michigan Finance Authority $2.9 billion of Unemployment Obligation Assessment Revenue Bonds. The bonds were issued under recently adopted legislation utilizing an innovative structure to obtain AAA ratings from three major rating services.
  • Co-Underwriter’s Counsel on the Chicago Park District’s 2011 bond financing.
  • Underwriter’s Counsel in connection with an Illinois private college issuance of revenue bonds, including both tax-exempt bonds and taxable bonds.
  • Borrower’s Counsel for a national health care system in the issuance of over $740 million of debt in multiple series. Proceeds of the bonds were used, in part, to refinance and restructure the existing debt of a medical center and structured to preserve “acquisition financing” treatment under IRS treasury regulations.

Presentations and Publications

  • “New SEC Disclosure Obligations for Municipal Bonds,” Strafford Webinars (2019)
  • “Development Agreements Between Municipalities and Private Parties,” Strafford Webinars (2019)
  • “Rule 15c2-12 - preparing for February Changes,” Foley & Lardner Web Conference (2019)
  • “Digital Health Opportunities and Considerations For PE,” Law360 (2018)
  • “The SEC’s Proposed Changes to Rule 15c2-12 Could Have Far Reaching Impact,” Foley & Lardner Legal News (2017)
  • “The SEC’s Municipalities Continuing Disclosure Cooperation Initiative – An Inevitable Dilemma?,” Foley & Lardner Web Conference (2014)
  • “The MCDC Initiative: Window Closes on September 10, 2014,” Foley & Lardner Legal News (2014)
  • “Access to Capital: The Municipal Advisor Rule,” Foley & Lardner Web Conference (2014)
  • “SEC Actions Compel New Focus on Disclosure,” HFM Magazine (2013)
  • “City of Harrisburg Settles with SEC on Rule 10b-5 Violations,” Foley & Lardner Legal News (2013)
  • “Access to Capital: The Importance of Disclosure Transparency and Procedures for Health Care Borrowers,” Foley & Lardner Web Conference (2013)
  • “New SEC Chair: What It May Mean for the Municipal Securities Market,” Foley & Lardner Legal News (2012)
  • “MSRB: Dealers Must Report Bond Ballot Campaign Contributions Under MSRB Rule G-37,” Foley & Lardner Legal News (2010)
  • “Shelf Registration for Tax-Exempt Bonds,” Foley & Lardner Legal News (2009)
  • “Recent SEC Rule Changes and Implications for Municipal Bond Issuers and Borrowers,” Foley & Lardner Legal News (2009)
  • “Municipal Securities Rulemaking Board Rules Apply to Build America Bonds: Broker-Dealers Should Review Compliance Procedures,” Foley & Lardner Legal News (2009)


Each year since 2012, Heidi has been recognized by her peers with inclusion in The Best Lawyers in America© in the field of public finance law.*


  • University of Iowa College of Law (J.D., with distinction, 1996) 
    • Managing Editor, Iowa Law Review
  • Northwestern University (B.S.,1993)


Heidi is active in civic and industry organizations. She is a former member of the board of directors of Girls in the Game, the President’s Council of Chicago’s Museum of Science and Industry and the board of directors of Women in Public Finance.

Admissions and Professional Memberships

  • Illinois
  • Michigan
  • Member, National Association of Bond Lawyers
  • Member, American Health Lawyers Association
  • Member, American Bar Association

* The Illinois Supreme Court does not recognize certifications of specialties in the practice of law and no award or recognition is a requirement to practice law in Illinois.