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

  • Numerous tax-exempt and taxable financings for national nonprofit health care system, including refinancings resulting from mergers and acquisitions, and restructuring
  • Corporate Counsel to a developer of a HUD 232 senior living property
  • Underwriter's Counsel in connection with an Illinois private college issuance of revenue bonds, including both tax-exempt bonds and taxable bonds
  • Underwriter's Counsel on various state and state authority financings
  • Bond Counsel to the Chicago Park District in connection with its issuance of various series of obligation bonds
  • Corporate Counsel to a developer of a HUD 232 senior living property
  • 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

Presentations and Publications

  • Co-author, “Updated Federal Response to the Coronavirus Pandemic – Establishing the Municipal Liquidity Fund,” Foley's Coronavirus Resource Center (May 8, 2020)
  • Co-author, “Issuers and Conduit Borrowers of Municipal Securities: Don’t Neglect Your Continuing Disclosure Obligations Under Rule 15c-2-12…Even While Working From Home,” Foley's Coronavirus Resource Center (May 7, 2020)
  • Co-author, “SEC Chairman and OMS Director Issue Public Statement on Importance of Disclosure to Municipal Securities Market in Light of COVID-19,” Foley's Coronavirus Resource Center (May 7, 2020)
  • Co-author, "Federal Response to the Coronavirus Pandemic - Establishing the Municipal Liquidity Fund," Foley's Coronavirus Resource Center (April 9, 2020)
  • Co-author, "Managing the Commercial Impact of the Coronavirus: Implications for Commercial Paper Market," Foley's Coronavirus Resource Center (March 20, 2020)
  • “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 LLP 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 LLP Legal News (2017)
  • “The SEC’s Municipalities Continuing Disclosure Cooperation Initiative – An Inevitable Dilemma?,” Foley & Lardner LLP Web Conference (2014)
  • “The MCDC Initiative: Window Closes on September 10, 2014,” Foley & Lardner LLP Legal News (2014)
  • “Access to Capital: The Municipal Advisor Rule,” Foley & Lardner LLP 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 LLP Legal News (2013)
  • “Access to Capital: The Importance of Disclosure Transparency and Procedures for Health Care Borrowers,” Foley & Lardner LLP Web Conference (2013)
  • “New SEC Chair: What It May Mean for the Municipal Securities Market,” Foley & Lardner LLP Legal News (2012)
  • “MSRB: Dealers Must Report Bond Ballot Campaign Contributions Under MSRB Rule G-37,” Foley & Lardner LLP Legal News (2010)
  • “Shelf Registration for Tax-Exempt Bonds,” Foley & Lardner LLP Legal News (2009)
  • “Recent SEC Rule Changes and Implications for Municipal Bond Issuers and Borrowers,” Foley & Lardner LLP Legal News (2009)
  • “Municipal Securities Rulemaking Board Rules Apply to Build America Bonds: Broker-Dealers Should Review Compliance Procedures,” Foley & Lardner LLP 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.