Pension Finance

Hawkins has substantial experience in all facets of financings for pensions and other liabilities such as injury and unemployment insurance. Hawkins has participated as bond counsel and underwriters’ counsel for billions of dollars of such financings across the country. Such financings include taxable and tax-exempt obligations as well as domestic and international offerings.

 

Highlights of our Pension practice include the following:

 

New Jersey Economic Development Authority - State Pension Funding

Hawkins served as co-counsel to the underwriters for the $2.8 billion New Jersey Economic Development Authority - State Pension Funding. The bonds are payable solely from funds received by the Authority from the State pursuant to a State Contract. The payment by the State of all such funds to the Authority is subject to and dependent upon appropriations being made from time to time by the State Legislature. This transaction involved numerous novel and complex legal issues relating to, among other things, registration on the New York Stock Exchange, listing on the Luxembourg Stock Exchange, ongoing litigation challenging the constitutionality of the financing, development and disclosure of securities products new to the municipal marketplace (the preliminary official statement offered eight series of bonds, including current interest bonds, zero coupon bonds, zero coupon step up bonds, auction market bonds, income bonds, floating rate bonds, stepped coupon bonds and zero coupon extendable bonds) and federal tax consequences of ownership of the bonds (including ERISA considerations).

 

County of Fresno, CA

In 2002, Hawkins acted as Bond Counsel and disclosure counsel in connection with the County of Fresno’s $117,055,000 Taxable Pension Obligation Bonds, Refunding Series 2002. We served as both Bond Counsel and disclosure counsel in connection with the original issue of these pension obligation bonds in 1998.

 

County of San Diego, CA

In 2002, the Firm served as underwriter’s counsel in connection with San Diego County’s $737 million Taxable Pension Obligation Bonds, Series 2002, issued in three series. We also served as underwriter’s counsel to the County in connection with its issuance of Taxable Pension Obligations Bonds, Series 1994.

 

 

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