Ray Fricke is a partner at Burke, Warren, MacKay & Serritella, P.C. Ray has more than 30 years of experience providing municipal finance assistance to municipalities, airport authorities, hospital districts, state agencies, school districts and park districts serving as bond counsel, underwriter’s counsel, disclosure counsel, issuer’s counsel, bank counsel and borrower’s counsel. He is a member of the Firm’s Government & Regulatory practice and chair’s the Firm’s Municipal Finance practice.

Ray’s broad bond experience includes tax-exempt and taxable, fixed and variable rate, new money and refunding, direct purchases, public and private placement offerings, insured and liquidity supported, conversions, restructurings, capital appreciation, and bank-qualified transactions.

His experience also includes work on bonds issued to fund utilities, housing, industrial development, waste disposal, health care providers and higher education institutions. Ray represents various parties in connection with tax increment, special service area, special assessment and municipal lease financings.

In addition to bond work, Ray represents municipal entities and banks in connection with revolving credit agreements, construction and term loans, standby bond purchase agreements, reimbursement agreements and letters of credit.

Prior to joining the Firm in 2018, Ray practiced at the Chicago office of Kutak Rock L.L.P. Prior to that, he practiced at Nixon Peabody and Katten Muchin.

Ray received his J.D. from DePaul University College of Law in 1990, and his B.A. from Northwestern University in 1981.




  • Illinois


DePaul University College of Law (J.D. 1990)

Northwestern University (B.A. 1981)

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