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State Hires Special Disclosure Counsel

PROVIDENCE, R.I. – General Treasurer Gina M. Raimondo today announced that the state has retained the services of Hawkins Delafield Wood of Washington, D.C. to assist the state in updating all of its bond disclosure statements. The firm was selected as part of a request for proposal process conducted by both Treasury and the Governor’s office.

“This firm was chosen because of its national reputation in helping state and local governments prepare bond disclosure documents,” Raimondo said. “It is critical to have outside advice as we work to present a complete picture of our finances to potential bond investors.”

In addition to developing written disclosure controls and procedures, the firm will conduct one or more training sessions regarding compliance with the federal securities laws with Treasury staff, assist the state with developing an ongoing training program and review the current disclosures of the state regarding its pension plans.

“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 continued. “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.”

The state uses bonds to finance the construction of schools, roads and bridges, among other vital infrastructure.

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