J. Ben Watkins III said he thought his original appointment as director of the Florida Division of Finance would be one rung on his career ladder.
With the three-decade mark in sight, he remains in the position that has helped make him one of the best-known and well-respected people in the municipal bond industry and a member of The Bond Buyer's first Hall of Fame class.
Peers say his achievements — in Florida and as a national advocate for municipal bond issuers — have left an indelible impact on the industry at large and the clients and constituents it serves.
Watkins was appointed director of the Florida Division of Bond Finance by then-Gov. Lawton Chiles in 1995.
"I thought this would be a two-year gig and that I would just roll in and learn the public finance community across the state, get to know all the people, get a little name recognition and go back to practicing law," he said. "And now here I am six governors and 28 years later."
But, he says, there were many reasons to stay.
"Participating in the public finance space all these years has given me much satisfaction," he said. "I hope my lasting legacy is the team that I've got here now. They play above the rim. They're really a tremendous group of young people that are an absolute joy to work with."
Helping create the debt affordability study to manage the state's finances was a big accomplishment, Watkins said. "We still use it today — it's a very useful tool, doing an annual report on debt — how much we have and how much we have to pay and what we use the money for. That was a big deal."
His office also created a statutory framework to govern the issuance of university debt.
Deal-wise Watkins cited with satisfaction the successful sale in 2020 of $3.5 billion of taxable revenue bonds for the state's Hurricane Catastrophe Fund.
"That was a home run," he said, allowing the state to lock in low rates due to overwhelming demand. Proceeds of the deal bolstered the tax-exempt trust fund by providing capital to pay hurricane-driven property insurance claims, if needed.
Over the years, his office has saved the state over $3 billion through refundings and paying down state debt from about $30 billion to around $17 billion today.
"I hope that my major accomplishment will be leaving the place in a better spot than I found it," he said.
Watkins' industry impact extends beyond Florida. Colleagues describe him as a tireless advocate for the municipal bond issuing community who is not one to shy away from talking about difficult issues and offering common-sense answers.
Watkins served as vice chairman and board member of the Municipal Securities Rulemaking Board, chairman of the Committee on Government Debt for the Government Finance Officers Association and currently serves as a member of the National Association of State Treasurers and National Association of Bond Lawyers.
Additionally, he is chairman and past president of the Economic Club of Florida and a board member on the Municipal Code Corporation Board, Florida State University Coastal and Marine Lab Advisory Board, Maclay School Board of Trustees, and Tall Timbers Research and Land Conservancy Board.
Watkins has been nationally recognized for his contributions to the muni industry. He received the Jim Lebenthal Infrastructure Champion Award in 2017, the National Federation of Municipal Analysts' Industry Contribution Award in 2009 and the National Association of Treasurers Tanya Gritz Award for Excellence in Public Finance in 2001.
Prior to working for the state, he practiced public finance law with Sutherland Asbill & Brennan in Atlanta.
"This has been a dream job," Watkins said. "You can live in a small town that gives me access to let me do what I like to do in my personal time and then engage professionally at a very high level. There's not many places where you can have the opportunity to do that."
And even in his spare time he remains down-to-earth, literally. "I've always liked to dig in the dirt and play in the woods and I never outgrew it," Watkins says. "We've got a farm about 15 minutes from Tallahassee and that's my therapy, working at the farm."
"When I get on a tractor with the mower or the plow and go back and forth, I can look back and see what I've accomplished," he said. "It gives me a great sense of satisfaction."
