Hawkins Delafield & Wood LLP has a long and extensive history in representing turnpike, state highway and public transportation issuers.  The term “surface transportation” came into common usage to describe the broad range of motor vehicle and transit fixed guideway infrastructure systems with the passage of the Surface Transportation Assistance Act of 1978 by the Congress.  This cemented the federal government’s ongoing six‑year authorization process and members of this Firm have regularly monitored and advised clients on matters arising from the federal reauthorization process through “ISTEA”, “TEA‑21” and the current reauthorization.

We have been leaders in the federal and state “innovative finance” process, assuming roles in the State Infrastructure Banks (“SIBs”) – particularly in Arizona and New York, the Grant Anticipation notes (“GARVEE’s”) – including Colorado and Oklahoma, and with TIFIA throughout the nation.  The Firm's continued involvement in a wide variety of transportation system facilities financings, and creation of innovative security structures, for public transportation agencies throughout the United States and overseas can be of value to any public issuer.  Our clients include the New York State Thruway Authority and the Oklahoma Turnpike Authority, which operate the two longest toll road systems in the United States, the Buffalo and Fort Erie Public Bridge Authority (International Peace Bridge), the Colorado Department of Transportation, the Triborough Bridge and Tunnel Authority (“TBTA”), the Los Angeles Metropolitan Transportation Authority and the New York Metropolitan Transportation Authority (“NYMTA”), by far the largest public transit entity in the United States.  As noted, the Firm serves as special counsel to USDOT in connection with implementation of the TIFIA program.  In that capacity we have assisted USDOT in closing two of the first transactions under TIFIA for the Washington Metro Area Transit Authority in the District of Columbia and the Tren Urbano project in Puerto Rico.  We have served as Bond Counsel to the New Jersey Turnpike Authority, the New York State Thruway Authority, the Oklahoma Turnpike Authority and the West Virginia Parkways, Economic Development and Tourism Authority and counsel to the underwriters in financings for the Maine Turnpike Authority.

The following are a recent sampling of highlights of our Surface Transportation practice:

Metropolitan Transportation Authority and New York Triborough Bridge and Tunnel Authority
We currently serve as bond counsel to the New York Metropolitan Transportation Authority (“NYMTA”), and its affiliated agencies, including the New York City Transit Authority, Long Island Rail Road, Metro-North Commuter Railroad and the New York Triborough Bridge and Tunnel Authority (“TBTA”). Most recently, in that capacity Hawkins was sole Bond Counsel in connection with the $17.32 billion restructuring of substantially all outstanding debt, comprised of the issuance of $13.5 billion of refunding bonds and notes and the exercise of innovative substitution of credit provisions we had developed and built into ten series of obligations of the TBTA and  NYMTA, issued beginning in 2000 pending approval of the restructuring, aggregating another $3.82 billion dollars.  This series of transactions spanning May through November of 2002 constituted the largest restructuring of municipal debt in history. In all, 87 series of bonds comprising 16 different credits were refunded through the issuance of 18 series of bonds (plus the exercise of the substitution of credit provisions for the ten other series) under four major new credit structures.  This restructuring was undertaken to modernize the resolutions of the various entities, as well as to create new money bond issuing capacity of approximately $4.5 billion, the first series of which, aggregating approximately $500 million, was issued in early 2003. 

New Jersey Turnpike Authority
Hawkins has served as bond counsel to the New Jersey Turnpike for most of its existence since it was established in 1948.  In our finance counsel capacity we drafted the major resolutions, indentures, contracts and agreements governing the Authority’s financial and operational structure and protecting the Authority and its investors.  Throughout the 1980’s the Firm counseled the Authority on a wide range of issues affecting its transportation financings.  In 2000 Hawkins served as Bond Counsel in connection with the Authority’s $1.8 billion Turnpike Revenue Bonds. The Firm worked with the Authority and its officials, professionals and advisors for several months and successfully resolved numerous complex tax, disclosure and document matters including legal issues relating to additional bonds tests, rate coverage requirements, categorization of various classes of debt, flow of funds mechanics, variable rate debt, auction rate debt, SWAP termination payments, statutory Governor approval, repurchase agreements, debt reserve fund forward delivery agreements, debt reserve fund surety bonds, ongoing litigation, redemption, defeasance, current and advance refundings, forward refunding (i.e., delayed delivery), split coupons and various federal tax matters.

Oklahoma Turnpike Authority
Hawkins Delafield & Wood LLP has been involved as finance counsel for Oklahoma Turnpike Authority financings since the early 1970’s, acting either as bond or underwriters’ counsel.  Early financings provided capital for the construction of six regional turnpikes. In 1989 the Firm was instrumental as underwriter’s counsel in the $558,000,000 advance refunding and new construction issue of the Authority involving multiple series of varying priority debt secured by bond insurance policies issued by separate insurers.  The Firm served as sole bond counsel on the 1992 $621,000,000 refinancing of the Authority’s debt and for a total of $687,000,000 in new money bonds in 1998 and approximately $600,000,000 of refunding bonds in 2002.  In connection with these transactions we drafted new State legislation securing approvals necessary for the debt restructuring, which included an increase in the motor fuel excise tax pledged to the Authority’s bonds and negotiated significant favorable agreements with the Internal Revenue Service.

Colorado Department of Transportation
We have served as underwriter’s counsel for the Department of Transportation’s $1.7 billion GARVEE program since 2000.  We helped structure program documentation and develop disclosure for this highly successful state highway and transit construction program.