Hawkins Update

H A W K I N S U P D A T E

DECEMBER 2016 EDITION HAWKINS DELAFIELD & WOOD LLP

Hawkins Assists Metropolitan Transporta�on

Authority with First Green Bonds

Hawkins served as special disclosure counsel to the

Metropolitan Transporta on Authority in its issuance of

over $1.3 billion of green bonds in 2016. The MTA

manages North America’s largest transporta on

network, serving a popula on of 15.3 million people in

New York City, Long Island, southeastern New York State

and Connec cut. The issuances were the first of their

kind for the MTA and will fund the con nuing work on

infrastructure renewal and upgrade projects on New York

City Transit, Long Island Rail Road and Metro-North

Railroad. The Climate Bonds Standard Board has

approved the projects as “Climate Bond Cer fied,”

(con�nued on page 2)

Hawkins as Underwriters’ Counsel in

Financing for LaGuardia Airport’s Terminal B

Replacement Project, The Bond Buyer’s

Northeast Region Deal of the Year

In June 2016, Hawkins served as sole underwriters’

counsel on the $2.4 billion financing for LaGuardia

Airport to pay for the complete demoli on of the exis ng

Terminal B and reconstruc on of a new replacement

Terminal B (the main terminal building). LaGuardia

Airport is operated by the Port Authority of New York

and New Jersey. The Port Authority developed the

project as a public-private partnership, and selected a

team of Meridiam Infrastructure, Vantage Airport Group

and Skanska to be the primary investors in a private


Hawkins as Underwriters’ Counsel in

Financing for Vanderbilt University Medical

Center, The Bond Buyer’s Southeast Region

Deal of the Year

Hawkins served as underwriters’ counsel in connec on

with the issuance of $1.13 billion in tax exempt and

taxable revenue bonds by The Health and Educa on

Facili es Board of The Metropolitan Government of

Nashville and Davison County, Tennessee for the benefit

of Vanderbilt University Medical Center (“VUMC”). The

bonds financed the dives ture of the medical center


For 162 Years Hawkins Delafield & Wood LLP

has Guided Clients through Changing Times;

Hawkins Passes One Trillion Dollar Mark in

Volume of Transac�ons

As the year 2016 draws to a close, the outlook for the

public finance market includes good news of record

annual bond volume and a proposed one trillion dollar

federal infrastructure ini a ve, but also uncertainty from

rising interest rates, a new administra on and proposed

major tax reform. For 162 years, Hawkins has been

serving its clients through mes of change, risk and

opportunity. In 1854, Dexter Hawkins founded the Firm

at 10 Wall Street. Now, as then, Hawkins stands ready to

guide its clients through changing mes and the matrix of

issues in bond financings and public projects.

Since 1980 (the date from which reliable data have been

gathered), Hawkins has completed over one trillion

dollars in public finance deals as bond counsel and

underwriters’ counsel, according to data collected by


Hawkins Advisories on Securi�es Law and

Tax Law Developments in Public Finance

ADorneys at Hawkins have recently authored several

Hawkins Advisories on legal topics of interest to issuers

and professionals in the tax-exempt finance industry,

including updates on several important developments in

tax and securi es law. By circula ng Advisories aEer

important legal developments in public finance, Hawkins

keeps its clients and friends well informed as to these

topics.


Hawkins Assists City and County of San

Francisco with Financing of 55-Story

Residen�al Building

In December 2016, Hawkins served as disclosure counsel

to the City and County of San Francisco in connec on

with its issuance of $240 million Variable Rate

Mul family Housing Revenue Bonds (Transbay Block 8

Tower) issued on behalf of an affiliate of the developer,

Related Companies. The bonds will finance a por on of

the cost of a new $600 million 55-story tower and

surrounding buildings in downtown San Francisco. The


HAWKINS UPDATE

Hawkins Assists Metropolitan Transporta�on

Authority with First Green Bonds

(con�nued from page 1)

based on a Climate Bonds Standard Verifica on LeDer

provided by Sustainaly cs. In its capacity as special

disclosure counsel, Hawkins worked closely with MTA to

craE new green bonds disclosure for their offering

documents and also to develop ongoing con nuing

disclosure policies and procedures.

In addi on to being a leader in the financing of

transporta on and other infrastructure projects, Hawkins

is a leader in the fast-growing area of green bonds and

other environmentally significant projects. Through

November 30, 2016, Hawkins is ranked the number one

bond counsel firm in the na on for green bonds based on

the number of transac ons (12 issues), and ranked the

number three bond counsel firm in the na on for green

bonds based on dollar volume ($1.8 billion in volume).

Hawkins as Underwriters’ Counsel in Financing for

LaGuardia Airport’s Terminal B Replacement Project


en ty that would develop, finance, construct and operate

the project. This transac on was named The Bond Buyer’s

2016 Northeast Region Deal of the Year.

Hawkins is a recognized leader in financing airports,

highways, railroads, ports and other transporta on

facili es, as well as being a leading firm in represen ng

governmental organiza ons in developing and

implemen ng P3 alternate project delivery structures,

including design, build, finance, own and operate.

Hawkins as Underwriters’ Counsel in Financing for

Vanderbilt University Medical Center


from Vanderbilt University (the “University”). The

transac on presented a unique challenge in terms of

disclosure, as VUMC was a new credit with no prior

ac vi es, assets or liabili es. Hawkins aDorneys played a

key role in draEing disclosure that would accurately

describe VUMC as well as the complex interrela onship

between the University and VUMC. This transac on was

named The Bond Buyer’s 2016 Southeast Region Deal of

the Year.

Hawkins is recognized as a na onal leader in finance

transac ons in the health care sector. Since 1980,

Hawkins has par cipated in more than $97 billion of

health care transac ons in nearly every state. The

Hawkins health care finance team has unique depth and

perspec ve on the complicated disclosure and tax issues

that arise in connec on with tax- exempt financing for

health care facili es.

For 162 Years Hawkins has Guided Clients through

Changing Times; Hawkins Passes One Trillion Dollar

Mark in Volume of Transac�ons


Thomson Reuters. Since 1980, Hawkins is the number

one ranked underwriters’ counsel firm and number two

ranked bond counsel firm in the na on, based on dollar

volume. In 2015 and 2016 (to date), Hawkins was ranked

first na onally as underwriters’ counsel and second as

bond counsel.

In connec on with this significant milestone for Hawkins,

Howard Zucker, a member of the Hawkins Management

CommiDee, stated that “[o]ur rela onships with our

clients and the quality and experience of our aDorneys

are the keys to our achievements. Hawkins is 162 years

old, and has been doing public finance for over 135

years, but we know we cannot rest on our laurels – we

come to work each and every day to earn and deserve

the trust and confidence of our clients.”

Hawkins is the only na onal law firm in the United States

whose prac ce is devoted primarily to public finance and

public projects. Each of the Firm’s specialty areas

supports and complements its public finance prac ce.

The Firm has more aDorneys engaged in the full- me

prac ce of public finance and projects than any other

law firm in the country.

Hawkins Advisories on Securi�es Law and Tax Law

Developments in Public Finance


John McNally and other aDorneys in the Hawkins

securi es law group authored Hawkins Advisories on the

SEC cease-and-desist seDlement orders with 71

municipal issuers and obligated persons pursuant to the

MCDC Ini a ve and on MSRB Rule G-42.

ADorneys in the Hawkins tax department authored

Hawkins Advisories on new final regula ons published by

the IRS amending certain provisions of the exis ng

arbitrage regula ons and on IRS Revenue Procedure

2016-44, which modifies exis ng procedures on

treatment of management contracts involving property

financed with tax-exempt bond proceeds.

These Hawkins Advisories and many others on topics of

interest may be found at www.hawkins.com.

2 DECEMBER 2016 EDITION

HAWKINS UPDATE

Hawkins Assists City and County of San Francisco

with Financing of 55-Story Residen�al Building


project will provide affordable rental housing and change

the skyline of downtown San Francisco. The bonds were

supported by a leDer of credit issued by Bank of China.

The tower was designed by architect Rem Koolhaas. This

transac on is one of the most significant mul -family

housing financings in California. Hawkins is proud to have

served as disclosure counsel for this exci ng transac on.

Hawkins is a leader in the areas of disclosure, affordable

housing and conduit finance.

3 DECEMBER 2016 EDITION

About Hawkins Update

The Hawkins Update is intended to provide updates on the ac vi es and prac ce of Hawkins Delafield & Wood LLP and

the public finance industry. Ar cles in the Hawkins Update should not be considered opinions of Hawkins Delafield &

Wood LLP. The Hawkins Update is not intended to provide legal advice as a subs tute for seeking professional counsel;

readers should not under any circumstance act upon the informa on in this publica on without seeking specific profes-

sional counsel. Hawkins Delafield & Wood LLP will be pleased to provide addi onal details regarding any ar cle upon

request. Hawkins Update is aDorney adver sing and prior results do not guarantee a similar outcome.

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Tel: (415) 486-4200

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Tel: (734) 794-4835

Hawkins Update

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