Highlights

• JFK New Terminal One: First Bond Issuance for P3 Financing

Served as co-bond counsel to New York Transportation Development Corporation for the issuance of $2 billion of Special Facilities Revenue Bonds, Series 2023 (John F. Kennedy International Airport New Terminal One Project). The bonds were issued as Green Bonds to refinance a portion of the bank debt (for which DSA also served as counsel to TDC) issued to finance the initial phase of the new international terminal for New York’s JFK Airport.

• NYC’s First Social Bonds

Served as co-counsel for the underwriters of The City of New York’s $1,350,000,000 of general obligation bonds in October 2022, including $950,000,000 of bonds designated as Social Bonds, which was the City’s first issuance of Social Bonds. Proceeds of the Social subseries were used to reimburse the City for prior spending on affordable housing that aligns with the 2015 United Nations’ Sustainable Development Goals.

• $1,457,710,000 New York State Personal Income Tax Revenue Bonds

Represented the New York State Urban Development Corporation (d/b/a Empire State Development) and the New York State Division of the Budget, as co-bond counsel, in connection with the October 2022 issuance of State Personal Income Tax Revenue Bonds (General Purpose), Series 2022A (Tax-Exempt) and Series 2022B (Federally Taxable). Proceeds of the bonds were used to fund capital projects across New York.

• Thruway Authority Issues First Green New York State PIT Bonds

Represented the New York State Thruway Authority and the New York State Division of the Budget, as co-bond counsel, in connection with the July 2022 issuance of $2,902,210,000 of State Personal Income Tax Revenue Bonds, including the first series of such bonds designated as “green.” DSA attorneys played a key role in drafting the disclosure describing the green bonds and the transportation projects they were issued to finance.

• Hudson Yards Infrastructure Corporation Green Bonds

Served as co-counsel for the underwriters of Hudson Yards Infrastructure Corporation’s $454,140,000 Hudson Yards Revenue Bonds Fiscal 2022 Series A (Green Bonds) in October 2021. The bonds provided financing for the expansion of Bella Abzug Park and certain closeout costs relating to the initial phase of construction of the park and the extension of the No. 7 subway line to serve the Hudson Yards area of New York City.

• $2.4 Billion ESD Issuance of Sales Tax Revenue Bonds

Represented the New York State Urban Development Corporation (d/b/a Empire State Development) and the New York State Division of the Budget, as co-bond counsel, in connection with the issuance of $2,403,360,000 State Sales Tax Revenue Bonds, Series 2021A (Tax-Exempt) and Series 2021B (Federally Taxable) in October 2021. Proceeds of the bonds were used to fund capital projects across New York.

• New York Liberty Development Corporation 4 World Trade Center

As co-bond counsel, DSA served the New York Liberty Development Corporation in connection with its issuance of $1,236,905,000 of Liberty Revenue Refunding Bonds, issued in September 2021 to refinance the construction of the World Trade Center Tower 4. The issuance included tax-exempt and taxable bonds, both of which were designed as green bonds.

• JFK Terminal 8 American Airlines Conduit Financing

Served as co-underwriters’ counsel for New York Transportation Development Corporation’s issuance of Special Facility Revenue Bonds, Series 2021 (American Airlines, Inc. John F. Kennedy International Airport Project). The bonds financed renovations to American Airlines’ terminal at JFK Airport and refinanced certain outstanding bonds.

• Second MTA Sale to Municipal Liquidity Facility: $2.9 Billion of Notes - First Issuance Under New Payroll Mobility Tax Resolution

Represented the Metropolitan Transportation Authority (MTA) as co-bond counsel for the issuance of $2,907,280,000 of Metropolitan Transportation Authority Payroll Mobility Tax Bond Anticipation Notes, Series 2020A. The BANs were MTA’s second sale to the Municipal Liquidity Facility, a special purpose vehicle of the Federal Reserve Bank of New York New York (MLF) intended to provide market access to municipal issuers impacted by the COVID-19 pandemic. The BANs were MTA’s first issuance under its new Payroll Mobility Tax Obligation Resolution.  The negotiated sale to the MLF will be used to partially offset lost revenue and increased costs related to the COVID-19 pandemic.

• SONYMA’s First Issuance of Social Bonds

Represented the State of New York Mortgage Agency (SONYMA) as sole disclosure counsel for the issuance of their first ever “Social Bonds” in September 2020. $177,180,000 of bonds were issued in four series and marketed in part to Environmental, Social and Governance (ESG) investors. The proceeds of the bonds are expected to be used to fund mortgage loans generally to first time home buyers, subject to income and purchase price limitations. SONYMA expects to continue to issue bonds as Social Bonds in the future.

• SUNY 2020 Debt Restructuring

Served as co-bond counsel for the Dormitory Authority of the State of New York’s conduit issuance of $328,450,000 of State University of New York Dormitory Facilities Revenue Bonds, Series 2020A in July 2020. The issuance of taxable bonds were issued to advance refund all of the State University of New York’s (SUNY) debt service payments in SUNY’s fiscal years 2021 and 2022.  This is expected to provide temporary relief for SUNY following impacts related to the COVID-19 pandemic.

• MTA Sale to Municipal Liquidity Facility

Represented the Metropolitan Transportation Authority (MTA) as co-bond counsel for the issuance of $450,720,000 of Metropolitan Transportation Authority Transportation Revenue Bond Anticipation Notes, Series 2020B. The BANs were purchased by the Municipal Liquidity Facility, a special purpose vehicle of the Federal Reserve Bank of New York New York (MLF) intended to provide market access to municipal issuers impacted by the COVID-19 pandemic.  The negotiated sale to the MLF followed a competitive bid for the BANs that proved the cost savings provided by the MLF’s pricing. This sale was the second purchase of municipal securities by the MLF.

• $1,211,950,000 for Miami-Dade Water and Sewer System

Represented Miami-Dade County (County) as bond counsel for the issuance of new money and taxable refunding bonds for its Water and Sewer System in November 2019. The County issued $663,860,000 of new money bonds and $548,090,000 of refunding bonds. The proceeds of the bonds were used in part to refund the County’s outstanding commercial paper, providing long-term financing for a portion of the County’s approximately $7.5 billion Multi-Year Capital Plan, and in part to refund certain of the County’s outstanding bonds.

• $4.25 Billion MTA Bond Anticipation Notes

Represented the Metropolitan Transportation Authority (MTA) as co-bond counsel for the issuance of six series of Transportation Revenue Bond Anticipation Notes in 2019, totaling $4,250,000,000. The BANs provided short-term financing for transit and commuter projects of the affiliates and subsidiaries of the MTA and are secured by revenues of the system.

• Deal of the Year: TBTA Introduces First SOFR Index Bonds in Municipal Market

Represented the Triborough Bridge and Tunnel Authority (TBTA) as co-bond counsel in the first use of the Secured Overnight Financing Rate (SOFR) as the index for variable rate municipal bonds. In September 2018 the TBTA remarketed $107.3 million of Series 2001B Triborough Bridge and Tunnel Authority General Revenue Variable Rate Bonds in a term-rate mode. Across markets, SOFR is cited as a possible replacement for Libor. Following the successful pricing of the bonds, the TBTA added a $125 million new money transaction, for which D. Seaton and Associates, P.A. also served as co-bond counsel. This transaction was awarded “Deal of the Year” for the northeast region by the Bond Buyer newspaper.

• $100 Million NY Municipal Water Finance Authority Variable Rate Bonds

Served as co-counsel for the underwriters of the New York Municipal Water Finance Authority’s September 2018 issuance of $100,000,000 Water and Sewer System Second General Resolution Revenue Bonds, Adjustable Rate Fiscal 2019 Series BB. Proceeds of the bonds are expected to be used to fund improvements to New York City’s water and sewer system. This was one of the first U.S. municipal bond transactions for which Industrial and Commercial Bank of China Limited, New York Branch will provide liquidity support.

• La Guardia Airport Terminals C and D Redevelopment

Represented the New York Transportation Development Corporation as co-bond counsel for the May 2018 issuance of $1,383,495,000 of Special Facilities Revenue tax-exempt bonds to fund a portion of the costs of the approximately $3.9 billion redevelopment by Delta Air Lines, Inc., of Terminals C and D at New York’s LaGuardia Airport.

• $900 million for Miami-Dade Water and Sewer System

Represented Miami-Dade County (County) as bond counsel for the issuance of new money and refunding bonds for its Water and Sewer System in December 2017. The County issued $381,355,000 of new money bonds and $548,025,000 of refunding bonds. The proceeds of the bonds were used to refund the County’s outstanding commercial paper, a part of the County’s approximately $13.3 billion Multi-Year Capital Plan, and certain of the County’s outstanding bonds.

• EFC Clean Water and Drinking Water Revolving Fund Bonds

Represented the New York State Environmental Facilities Corporation (EFC) as co-bond counsel for its December 2017 issuance of $337,955,000 State Clean Water and Drinking Water Revolving Funds Revenue Bonds (New York City Municipal Water Finance Authority Projects - Second Resolution Bonds) Series 2017 E Subordinated SRF Bonds to partially fund water and sewer projects of the City of New York. Pursuant to an agreement among EFC, the New York Municipal Water Finance Authority (Authority) and The City of New York, the Authority issued its own bonds which are pledged as security for EFC’s bonds.

• $1.3 Billion City of New York Financing

Served as co-counsel for the underwriters and original purchasers of The City of New York’s complex and multifaceted issuance / remarketing of $1,307,305,000 of general obligation bonds in October 2017. The issuance included a subseries of tax-exempt bonds sold via negotiated sale and two subseries of taxable bonds sold via competitive bid. The financing also included the issuance of two subseries of variable rate demand bonds supported by standby bond purchase agreements, the reissuance of a series of variable rate demand bonds and a series of multimodal bonds in a term rate mode.

• $900 million for Orlando International Airport

Represented the Greater Orlando Aviation Authority (GOAA) as co-bond counsel for its October 2017 issuance of $923,830,000 of Priority Subordinated Airport Facilities Revenue Bonds, Series 2017A to finance a portion of the costs of the new South Terminal Complex at Orlando International Airport. This was GOAA’s second issuance of bonds under its Priority Subordinated lien and D. Seaton and Associates, P.A. served as co-bond counsel for both issuances.

• City of Orlando Stadium Refunding

Represented the City of Orlando (City) as co-disclosure counsel for its issuance of two series of bonds under a Senior Indenture and Second Lien Subordinate Indenture in August 2017. The bonds are secured by a pledge of certain taxes levied on tourist rentals. Proceeds from the $224,350,000 issuance were used to refund a portion of the City’s outstanding bonds previously issued to finance the construction of the Amway Center, which hosts home games of the Orlando Magic NBA team and many other significant events.

• $2.1 Billion Hudson Yards Infrastructure Corporation Refunding

Served as co-counsel for the underwriters of Hudson Yards Infrastructure Corporation’s (HYIC) Second Indenture Revenue Bonds in May 2017. The transaction involved creation of a subordinate lien on HYIC’s revenues, derived from development in Manhattan’s Hudson Yards district. Proceeds from the $2,141,760,000 issuance, which included tax-exempt and taxable bonds, were used to refund outstanding bonds under the senior lien. In addition, HYIC’s outstanding unrefunded senior bonds were converted from non-amortizing bonds to bonds amortizing annually through mandatory sinking fund installments.

• $1.057 Billion MTA Hudson Yards Issuance

Represented the Metropolitan Transportation Authority (MTA) as co-bond counsel for the issuance of their $1,057,430,000 Hudson Rail Yards Trust Obligations, Series 2016A in September 2016. The obligations will finance transit and commuter projects of the affiliates and subsidiaries of the MTA and are secured by ground lease payments from tenant buildings located in the Hudson Yards section of Manhattan.

• New York Javits Center Financing

Represented the New York Convention Center Development Corporation (CCDC) as disclosure counsel for their $420,214,153.90 issuance of bonds in September 2016. This issuance was comprised of $193,104,715.20 Senior Lien Revenue Bonds (Hotel Unit Fee Secured), Series 2016A Bonds and $227,109,438.70 Subordinated Lien Revenue Bonds (Hotel Unit Fee Secured), Series 2016B Bonds. This was a complex financing which included the issuance of both Senior and newly authorized Subordinated bonds as part of the same transaction.

• New Lien for Orlando International Airport

Represented Greater Orlando Aviation Authority (GOAA) as co-bond counsel for the first issuance of bonds under a new priority subordinate lien in July 2016. Proceeds from the $76,930,000 issuance were used to repay advances on GOAA’s lines of credit. GOAA operates Orlando International Airport (MCO), serving one of the world’s leading tourism destinations.

• Deal of the Year: LaGuardia Airport Terminal B Public-Private Partnership

Represented the New York Transportation Development Corporation as co-bond counsel for the June 2016 issuance of $2,410,380,000 of tax-exempt and taxable bonds to fund the redevelopment of Terminal B at New York’s LaGuardia Airport. The innovative and novel public-private partnership (P3) was awarded 2016 “Deal of the Year” for the northeast region by the Bond Buyer newspaper and has been cited as a replicable model for other P3 airport projects worldwide.

• $400,000,000 Commercial Paper Program for Miami-Dade County

Represented Miami-Dade County (County) as bond counsel for the establishment of a new commercial paper program for its Water and Sewer System in May 2016. The program allows the County the flexibility to issue up to $400 million of commercial paper notes as taxable or tax-exempt and under letters of credit from two different banks and utilizing two dealers for either or both types of notes.

• Phillip and Patricia Frost Museum of Science Financing

Represented Miami-Dade County (County) as bond counsel for its April 2016 issuance of $47,280,000 of bonds to complete construction of the Phillip and Patricia Frost Museum of Science in Miami. The bonds were issued as a direct bank placement under a new junior lien on the County’s CDT program, which is secured by the County’s hotel taxes.

• MTA’s First Issuance of Green Bonds

Represented the Metropolitan Transportation Authority (MTA) as co-bond counsel for the issuance of their first ever “Green Bonds” in February 2016. The $782,520,000 of bonds were certified by Climate Bonds Initiative, an international not-for-profit organization that supports financing for projects around the world that help reduce the impacts of climate change. The bonds were used to fund infrastructure renewal and upgrade projects on New York City Transit, Long Island Rail Road and Metro-North Railroad. Since this initial financing, DSA has worked on several additional Green Bond issuances for MTA.