R.I. hires help for bond disclosure statements

PROVIDENCE – R.I. General Treasurer Gina M. Raimondo said on Tuesday that Hawkins Delafield & Wood LLP, a Washington, D.C.-based firm, has been selected to help the state update its bond-disclosure statements.
Rhode Island’s bond offerings – used to finance the construction of schools, roads, bridges and other infrastructure – have been under scrutiny by the U.S. Securities and Exchange Commission, specifically on whether the state adequately disclosed the condition of its pension system, since Raimondo was notified of its investigation on Feb. 1.
Hawkins Delafield & Wood was selected as part of a request for proposal process. The firm will develop written disclosure controls and procedures, conduct one or more training sessions on compliance with federal securities laws with Treasury staff, assist the state with developing a training program and review the current disclosures of the state regarding its pension plans, Raimondo said in a news release.
“Our work continues to improve the state’s disclosures, and to ultimately serve as an example to other states in providing accurate and detailed disclosures,” Raimondo said. “The state needs to be able to enter the bond market in the years to come on the most favorable terms possible and complete disclosures are critical to ensuring this access.”