State hires outside firm to bolster bond disclosure
PROVIDENCE, R.I. – The state has hired a Washington, D.C., law firm to help update its bond disclosure statements in response to a federal probe.
State Treasurer Gina Raimondo announced on Tuesday the hiring of the firm of Hawkins Delafield Wood. Raimondo calls the firm's advice critical as the state tries to present a complete picture of its finances to potential bond investors.
The US Securities and Exchange Commission launched an investigation of Rhode Island's bond offerings last February. Raimondo spokeswoman Joy Fox says bringing on the firm is related to that probe.
Raimondo says improving disclosure is important for Rhode Island's future success in the bond market.
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