Hawkins attorneys have worked on numerous and varied transactions in the Commonwealth of Virginia for decades, and today serve as Bond Counsel, special counsel or tax counsel in Virginia to the Cities of Lynchburg, Newport News and Roanoke, the Counties of Chesterfield and Henrico, and the Virginia Housing Development Authority. We have served as bond counsel in connection with the advance and current refundings of various general obligation and revenue bond issues in the Commonwealth and are knowledgeable with respect to the relevant constitutional and statutory framework.
The following summarizes certain of our recent activities in Virginia:
The Firm has been at the forefront in creating innovative financing techniques in numerous jurisdictions, including Virginia. We served as bond counsel for one of the first issues of capital appreciation bonds in Virginia. For Chesterfield County, we served as Bond Counsel for the Commonwealth’s first book-entry only certificates of participation (COPs), and for the first issue of COPs that were sold at competitive sale. Chesterfield County recently issued another series of COPs using a similar financing structure wherein the Trustee acted as Trustee and nominal lessor.
Moral Obligation Bonds
We served as Bond Counsel to the City of Hampton, Virginia, in connection with the issuance of revenue bonds to finance the construction of a golf course on the site of and around the perimeter of a closed landfill. The revenue bonds are additionally secured by a moral obligation pledge by the City (i.e., in the event of an insufficiency in net revenue to pay debt service in a given year, the City Manager would be obligated to include the amount of the deficiency in the City’s budget for approval or disapproval by the City Council). The City of Hampton also issued revenue bonds to finance costs associated with the construction of a convention center for the City of Hampton using a similar financing structure.
The Firm served as Bond Counsel to the City of Roanoke in connection with the issuance of its tax-exempt General Obligation Public Improvement Bonds in 1994 to finance the Hotel Roanoke Conference Center. Contemporaneously with the City’s financing, private financing was arranged to renovate the adjacent historic Hotel Roanoke. We also served as Bond Counsel to the Industrial Development Authority of the City of Portsmouth in 1999 in connection with the issuance of its tax-exempt revenue bonds to finance the construction of an integrated Hotel, Conference Center and Parking Garage structure on the Portsmouth waterfront. In 1997 and 1998 we also served as Bond Counsel to the City of Portsmouth and its Industrial Development Authority in tax-exempt financings to create a revenue bond financed public golf course system and to finance the acquisition of land for future commercial and light industrial use and a taxable financing to construct a speculative office building to anchor a redevelopment project in the City.
Hawkins Delafield & Wood LLP has served as Bond Counsel for the Peninsula Airport Commission and the City of Newport News in connection with a forward current refunding of an issue of exempt facility airport private activity bonds previously issued to fund improvements to the Newport News-Williamsburg International Airport. The refunding bonds were issued as limited special obligations of the Commission, with a back-up pledge by the City of Newport News.