New Jersey

The Firm's New Jersey public finance practice goes back over 100 years, and includes thousands of financings for New Jersey counties, municipalities, school districts, authorities and other public entities. Hawkins was responsible for drafting much of the enabling legislation for the State’s general obligation bond financings, its Local Bond Law, its local school district financing laws, the Tobacco Settlement Financing Corporation Act (2002), The New Jersey Economic Development Authority Act, the New Jersey Turnpike Authority Act of 1948, the New Jersey Highway Authority Act, the New Jersey Expressway Authority Act, the South Jersey Port Corporation Act, the Sewerage Authorities Law, the Municipal and County Utilities Authorities Law and the Parking Authority Law.

According to Thomson Reuters, since 1980 Hawkins Delafield & Wood LLP has served as bond counsel on over 633 New Jersey long-term bond issues aggregating in excess of $17.3 billion in par amount and as underwriter’s counsel on over 147 New Jersey long-term bond issues aggregating in excess of $12.3 billion in par amount.  Hawkins is the only top twenty-five national bond counsel firm with a significant New Jersey practice and office.

The Firm has recently served as bond counsel to, or as underwriter’s counsel in connection with several financings for: the State of New Jersey and its agencies and authorities, including, in addition to the State itself, the New Jersey Sports and Exposition Authority, the New Jersey Turnpike Authority, the Tobacco Settlement Financing Corporation, the New Jersey Water Supply Authority, the New Jersey Economic Development Authority, the New Jersey Health Care Facilities Financing Authority, the New Jersey Educational Facilities Financing Authority, Rutgers - The State University of New Jersey, and the New Jersey Housing and Mortgage Finance Agency.

Hawkins currently serves as bond counsel to, and recently has served as underwriter’s counsel in financings for, dozens of New Jersey municipalities, school districts, counties, local and regional sewerage authorities, municipal and county utilities authorities, fire districts, county improvement authorities, redevelopment agencies, sewerage and water commissions, and other public entities. Financings for these entities have included the following: bond anticipation notes; emergency notes; temporary emergency notes; capital notes; utility notes; temporary funding notes; tax anticipation notes; grant anticipation notes; project bonds; general obligation bonds; utility bonds; assessment bonds; open space bonds; fiscal year adjustment bonds; refunding bonds; revenue bonds; capital appreciation bonds; subordinate or junior lien bonds; variable rate bonds; bonds secured by service contracts, deficiency agreements, bond reserve fund deficiency agreements, bond reserve fund surety policies, bond insurance policies and letters of credit; financings utilizing investment agreements, guaranteed investment contracts, bond reserve fund forward agreements, bond service fund “float” agreements and escrow float agreements; current refundings; advance refundings; cross-over refundings; “forward” refundings and delayed deliveries; pension refundings; tax appeal refundings; “pooled” loan programs; and competitive and negotiated sales.

The Firm is thoroughly familiar with the many laws, in addition to the various bonding statutes, directly and indirectly applicable to New Jersey financings including the Open Public Meetings Act, the Local Authorities Fiscal Control Law, the Local Budget Law, the Qualified Bond Acts, the Local Fiscal Affairs Law, the Local Improvements Law, the Land and Buildings Laws and the Public Contracts Laws and regulations promulgated by the Division of Local Government Services.

All partners resident in the Newark office have been admitted to practice law in the State of New Jersey and are members in good standing of the New Jersey bar. These partners include Robert Beinfield, Steven Donovan, Charles Toto, Eric Sapir and Kristine Flynn. In addition, several partners who are resident in other offices are licensed to practice law in New Jersey and are members in good standing of the New Jersey bar. These partners include Patricia Goins, and John Pirog.

The following summarizes certain of our recent activities in New Jersey:

$5.8 Billion State of New Jersey TRANs.
Hawkins served as Bond Counsel to the State of New Jersey in 2010, 2008 and 2006 in connection with the issuance by the State of its Tax and Revenue Anticipation Notes.  The firm worked closely with the Office of Public Finance, the Attorney General’s Office and the State Treasurer’s Office in drafting all the operative documents including the Note Resolution, the Notice of Sale, the Summary Notice of Sale, the Proposal for Notes and the Agreement with Respect to Continuing Disclosure.  Hawkins attorneys also prepared drafts of commercial paper documents and agreements and was responsible for portions of the Official Statement.

New Jersey Economic Development Authority (School Facilities Construction Refunding Bonds).
Hawkins served as Bond Counsel to the New Jersey Economic Development Authority in 2012 in connection with the issuance by the Authority of $442,085,000 tax-exempt and taxable refunding bonds for purpose of debt service savings.  The firm drafted all the operative documents including the Supplemental Resolution, the two Notices of Sale, the two Summary Notices of Sale, the Official Statement, the Escrow Deposit Agreement and the Continuing Disclosure Agreement.  The firm was responsible for, among other things, coordinating the two competitive sales, analyzing the provisions of the State Contract pursuant to which the State annually appropriates monies to pay debt service on the bonds and reviewing the bid documents relating to the open market securities that were deposited in the escrow account.

New Jersey Sports and Exposition Authority.
Hawkins served as bond counsel to the New Jersey Sports and Exposition Authority in 2011 in connection with the issuance by the Authority of $86,855,000 tax-exempt and taxable refunding bonds for purpose of debt service savings, debt service restructuring and federal tax related remediation.  The firm drafted all the operative documents including the Supplemental Resolution, the two Notices of Sale, the two Summary Notices of Sale, the Official Statement, the Escrow Deposit Agreement and the Continuing Disclosure Agreement.  The firm was responsible for, among other things, coordinating the two competitive sales, analyzing the provisions of the State Contract pursuant to which the State annually appropriates monies to pay debt service on the bonds, reviewing the bid documents relating to the open market securities that were deposited in the escrow account and reviewing over a dozen series of outstanding Authority bonds that were issued for purposes of financing or refinancing the Meadowlands Complex, Monmouth Park, the Wildwood Convention Center, Rutgers Stadium and the Jets Training Facility.  In addition, attorneys at the firm advised the Authority and the State as to federal tax matters associated with the proposed long-term lease of the Meadowlands Racetrack and Monmouth Park.

State of New Jersey - Asset Monetization.
Hawkins served as special counsel to the State of New Jersey in 2007 and 2008 in connection with an examination by the State of the possible “monetization” of certain State assets, including the existing toll roads and the lottery.  The firm worked closely and continually over a period of many months with the Office of Public Finance, the Office of the Attorney General and the State’s financial and legal consultants in identifying, studying and resolving numerous legal issues of “first impression” associated with such a monetization.  The examination resulted in the presentation by the Governor of a comprehensive proposal to significantly reduce State debt and to provide long-term funding for transportation projects by concessioning the right to operate the New Jersey Turnpike, the Garden State Parkway and the Atlantic City Expressway to a not-for-profit public benefit corporation.

New Jersey Tobacco Securitization Bonds.
Hawkins served as Bond Counsel to the State of New Jersey’s Tobacco Settlement Financing Corporation, $3,460,625,000 Tobacco Settlement Asset-Backed Bonds, Series 2002 and 2003, in connection with the Corporation’s sale of bonds to purchase from the State the right to receive certain annual settlement payments from tobacco manufacturers. Hawkins drafted the legislation creating the Corporation and authorizing the issuance of the bonds, rendered opinions with respect to the national Master Settlement Agreement and litigation pending before the New Jersey Supreme Court, and negotiated the various guaranteed investment contracts.  In addition, Hawkins served as Disclosure Counsel to the Corporation in 2007 in connection with the issuance by the Corporation of $3,622,208,081 refunding bonds.

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