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
- SEC Staff Guidance Regarding Secondary Market Disclosure
This Advisory provides a summary and analysis of the recent Staff Legal Bulletin from the SEC’s Office of Municipal Securities.
- Hawkins Attorneys to co-chair and moderate The Bond Buyer’s National Outlook 2020 Conference
Howard Zucker will be co-chairing the Bond Buyer's 2020 National Outlook Conference. This annual event brings together specialists and professionals from every corner of the public finance industry.
- Carol McCoog Elected to the American College of Bond Counsel
Carol McCoog has been elected a Fellow of the American College of Bond Counsel (ACBC).
- Hawkins Attorneys are part of NABL’s SEC Rule 15c2-12 Working Group
Brian Garzione, Carol McCoog and Kenneth Roberts were part of the National Association of Bond Lawyers working group, that released the paper titled “SEC Rule 15c2-12 Amendments NABL Member Questions and Practical Considerations”.