Hawkins Served as Special Disclosure Counsel to the Metropolitan Transportation Authority Green Bonds
Hawkins served as special disclosure counsel to the Metropolitan Transportation Authority in its issuance of over $1.3 billion of green bonds in 2016. The issuances were the first of their kind for the MTA and will fund the continuing work on infrastructure renewal and upgrade projects on New York City Transit, Long Island Rail Road and Metro-North Railroad.
As of early 2016, the Climate Bonds Standard Board has approved certain of MTA’s projects as “Climate Bond Certified”, based on a Climate Bonds Standard Verification Letter provided by Sustainalytics. Sustainalytics concluded that projects totaling $11.3 billion, the amount which has been expended as of the date of the verification on projects included in MTA's 2010-2014 Capital Program for the Transit and Commuter System, conform to the Climate Bonds - Low Carbon Transport Standard.
MTA has issued the following green bonds to reimburse portions of the Climate Bond Certified 2010-2014 transit and commuter capital program projects:
- $782,520,000 Transportation Revenue Green Bonds, Series 2016A (Climate Bond Certified)
- $588,305,000 Dedicated Tax Fund Green Bonds, Series 2016B (Climate Bond Certified)
In its capacity as special disclosure counsel, Hawkins worked closely with MTA to craft new green bonds disclosure for their offering documents and also to develop ongoing continuing disclosure policies and procedures.
Also of Interest
- Hawkins Served as Counsel to Two Bond Buyer Deal of the Year Winning Transactions
Hawkins is proud to have served as special and lead outside counsel on two financings that were finalists for The Bond Buyer deal of the year award for 2021 and winners in their respective categories. This year’s deals reflect the substantial expertise of Hawkins’ transportation industry attorneys.
- Brian Garzione co-authored NABL’s SEC Comment Letter on Climate Change Disclosures
As the Chair of NABL’s Securities Law and Disclosure Committee, Brian was one of the principal authors of NABL’s comment letter relating to the SEC’s public statement and request for public input on climate change disclosures.
- Brian Garzione co-authors the Supplement to NABL’s Crafting Disclosure Policies
Brian was a key participant in preparing a supplement to NABL’s Crafting Disclosure Policies.
- Brian Garzione named Chair of NABL’s Securities Law and Disclosure Committee
In the fall of 2020, Brian Garzione was named Chair of NABL’s Securities Law and Disclosure Committee (SLDC).