Honorable Mention to North East Region 2003 Deal of the Year
Hawkins acted as Bond Counsel to Erie County Industrial Development Agency for the $180 Million Buffalo City School District project, which received a regional honorable mention to the Bond Buyer Second Annual Deal of the Year Awards.
After negotiating with the State of New York and the passing of two legislations, the city of Buffalo and the school district were able to issue the School Facility Revenue Bonds, a 20-year leaseback financing, which will permit the renovations of some 80 schools and the construction of a few new schools. Under the facility lease agreement, the Erie County IDA leases the schools being renovated with the bond proceed, and the Buffalo School District subleases them. The lease payments cover the debt service. Partners that counseled on this transaction were Mr. Sigal, Mr. Cohen and Mr. Miles.