Cheryl O'Donnell Guth Counsel

Cheryl has practiced in the areas of municipal finance, commercial real estate financing and employee benefits since 1985.

She serves as counsel to governmental issuers, conduit borrowers, underwriters and banks in connection with all types of tax-exempt and taxable bond financings, including general obligation bonds, revenue bonds for governmentally owned facilities (such as solid waste disposal facilities, parking facilities and hotels and conference centers), refunding bonds, tax increment bonds, special taxing district bonds and equipment leases.

She also regularly represents trustees in public finance transactions, as well as in connection with bond defaults and workouts.

Cheryl also practices in the area of employee benefits, focusing exclusively on governmental pension plans and other employee benefits for governmental workers. She regularly advises clients regarding all aspects of administering pension plans, deferred compensation plans, cafeteria plans and OPEB trust funds, including investment of plan assets, qualified domestic relations orders, governmental pick-up plans and tax code compliance. She also has experience in the unique issues facing governmental plan sponsors, including fiduciary responsibilities of plan trustees, collective bargaining issues and constitutional limitations on decreases in benefits.


Bond counsel to issuer of $137 million tax increment/special tax bonds relating to mixed use development projects.

Representation of revenue authority in connection with acquisition of golf courses and refinancing of tax-exempt golf system bonds.

Advice to multi-jurisdictional governmental authority in connection with operation and management of bond financed facilities.

Representation of regional bank in connection with purchase of tax-exempt bonds.

Representation of bond trustee in connection with administration of defaulted bond issue and solicitation of bondholder approval of early redemption/refinancing.

Advice to bond trustee in connection with administration of single and multifamily housing bond portfolio.

Representation of community development district in connection with restructuring of bond portfolio and issuance of new project bonds

General counsel to national nonprofit publishing company.

Counsel to national senior housing provider in connection with general corporate and federal tax matters and multistate acquisition financings.

Representation of county in connection with withdrawal from state pension system and adoption of new pension plans.

Representation of county retirement plans, including review of plan operations, preparation of required and optional plan amendments and submission of plan documents under IRS determination letter program.

  • University of Maryland Francis King Carey School of Law, JD, Executive Editor, Maryland Law Review, 1985
  • Towson University, BA, with Honors, 1982

Member, National Association of Bond Lawyers

Member, Maryland Government Finance Officers Association

Member, Board of Trustees, CenterStage, 2008-present

Member, Howard Community College Campaign Council, FY2011-2012

Member, Board of Directors, 1996-2001, 2009-2015; Secretary, 1997-2001; Nominating Committee, 2002, 2008; Design Committee, Clubhouse Expansion, 2004; Golf Committee, 2005-2014, Cattail Creek Country Club

Member, Howard County Golf Advisory Committee, 2003-2008

  • Maryland

Named "Lawyer of the Year," Baltimore, Non-Profit / Charities Law, Best Lawyers in America, Woodward/White, Inc., 2016, 2023

Selected for inclusion in The Best Lawyers in America, Non-profit/Charities Law, Public Finance Law, Woodward/White, Inc., 2011-2023

Named to Maryland's "Top 100 Women," The Daily Record, 2012

AV Rated, Martindale-Hubbell

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