Executive Officer Testimony Details

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VI WAPA Proposed Sale of Electric System Assets PAG testimony

(Tuesday, June 11, 2013)

PREPARED STATEMENT OF PATRICIA A. GOINS, PARTNER, HAWKINS DELAFIELD & WOOD LLP TO THE COMMITTEE ON ENERGY AND ENVIRONMENTAL PROTECTION 30TH LEGISLATURE OF THE VIRGIN ISLANDS

June 11, 2013

Good day Honorable Chairperson Craig W. Barshinger, honorable members of the Committee on Energy and Environmental Protection, other Senators present, testifiers and the listening and viewing audience. My name is Patricia A. Goins. I am a partner at Hawkins Delafield & Wood LLP. I received a Bachelor of Arts Degree from Douglass College of Rutgers, The State University, in 1974 and a Juris Doctor from Georgetown Law Center in 1978. I have over 30 years experience as a bond attorney in municipal finance, representing state and local governments and their political subdivisions. I have served as bond counsel in the Virgin Islands for over thirty years.

Hawkins Delafield & Wood LLP (“Hawkins”) is a nationally known law firm with expertise in the area of municipal finance and has rendered opinions with respect to bond matters for over 150 years. Hawkins has consistently ranked among the top five national public finance firms and has participated in the greatest number and the largest dollar volume of public finance transactions in each year since such records have been compiled. Hawkins has had the privilege to represent the Government and the instrumentalities of the Government for over forty years.

I appear on behalf of the Authority. I previously testified on the Authority’s behalf before the Virgin Islands Public Services Commission with respect to proposed base rate increases necessary to ensure compliance with the Debt Service Coverage Ratios (to be discussed below) and the requirements of the Electric System Bond Resolution and the Water System Bond Resolution. I would like to thank you for allowing me the opportunity to testify with respect to proposed Option 1 and Option 2 provided to the Authority by the Honorable Senator Barsinger in connection with the privatization of all or a portion of the Electric System facilities and the impact of such a proposed privatization on the Authority’s existing contractual obligations to its bondholders and to describe how proceeds from such a sale, transfer or joint venture would have to be applied pursuant to such existing contractual obligations of the Authority.

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