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AHH 24-Hr. News

Middletown Firefighters Recognized for Rescue Efforts
Thursday, 18 December 2014
MIDDLETOWN, NJ - At the monthly Township Committee meeting held on December 15, 2014 a number of Middletown Township volunteer firefighters were recognized for their recent heroic rescue of a victim from a burning house. The Township Committee,... Read More...
Pennacchio, Bucco Push Resolution to Bring Back Cop-Killer Chesimard from Cuba
Thursday, 18 December 2014
TRENTON, NJ - Morris County Senators Joe Pennacchio and Anthony Bucco introduced today a resolution urging the return of Joanne Chesimard from Cuba. Chesimard was convicted of murdering New Jersey State Trooper Werner Foerster during a 1973 traffic... Read More...
Planning Board Honors Maritime Resiliency Project
Thursday, 18 December 2014
Bestows 2014 merit award on Bradley Beach project FREEHOLD, NJ – The Monmouth County Planning Board presented the Bradley Beach Maritime Forest Creation and LakeStabilization project with their 2014 Planning Merit Award at their Dec. 15 meeting. ... Read More...
Middletown Volunteers and Staff Get Accolades
Thursday, 18 December 2014
MIDDLETOWN, NJ - The Middletown Township Committee recognized several volunteers and township staff for outstanding service at their December meeting.  Six firefighters were presented with Life Saving Awards for their rescue of a man during a house... Read More...
IMAGE Blue Christmas Service at Navesink United Methodist Church
Thursday, 18 December 2014
Blue ChristmasSunday December 21st, 20147:00pm Navesink United Methodist ChurchNavesink Avenue, (Navesink section) Middletown, NJ NAVESINK, NJ - Many persons feel very alone in the midst of all the celebration time.  The days grow shorter and... Read More...

Columns

IMAGE Our Forefathers Knew Better
by George Hancock-Stefan
Wednesday, 17 December 2014
When one does a comparison between the 17th and 20th centuries in regards to the goodness of humanity, one comes with two different views.  The... Read More...
IMAGE Review - Top Five
by David Prown
Wednesday, 17 December 2014
The other day I was scanning moviefone.com to get a sense of new releases for this weekend. Never heard of Chris Rock's "Top Five" and tried to get a... Read More...
IMAGE Skewed View - December 16, 2014
by Tom Brennan
Tuesday, 16 December 2014
Got 60 grand?  Well, you can use it to pay down your debt or buy Burt Reynold's Smokey & The Bandit TransAm: http://usat.ly/1G9j9n6 Parenting... Read More...
IMAGE Stupid Christmas Gifts
by Anne Mikolay
Monday, 15 December 2014
Yes, I know. Tis the thought that counts...blah, blah, blah. But let's be honest. Shall we? Whether it's a collectible you don't collect, or a... Read More...
IMAGE The Normal Culture, and Why Liberals Abandoned It
by Woody Zimmerman
Monday, 15 December 2014
When I was a boy, most people lived in a way we considered a “normal” – although we didn’t really call it that. The country simply accepted... Read More...

Upcoming Events

Sat Dec 20 @ 2:00PM - 04:00PM
Brothers in Harmony Holiday Show
Sat Dec 20 @ 2:30PM -
Band of the Two Rivers Holiday Concert
Sun Dec 21 @10:00AM -
Fair Haven Menorah Lighting
Sun Dec 21 @ 7:00PM -
Blue Christmas Service
Sat Dec 27 @ 3:00AM - 05:00PM
Murray Farmhouse Candlelight Reception -

jack_archibald_120The rebuilding of the Atlantic Highlands harbor is one of the largest public works projects in Atlantic Highlands history.  On a financial scale, only the rebuild after the Nor’easter of 1992 and the building of borough hall can compare.  Not only is the scale of the project enormous, but the boating season deadline adds to the challenge.

Those loyal readers of this column have been well versed in the timeline and scope of the project.  Finally, the means to fund the clean up and rebuild have come into greater focus. With a price tag of in the neighborhood of twenty million dollars including the cleanup, the financing is a not insignificant factor throughout the story.

This past Wednesday, the borough of Atlantic Highlands sold Bond Anticipation Notes in the amount of $8 million as the first leg of the project.  (The amount of BANS earmarked for the Harbor was $7 million with the additional $1 million BAN a rollover of sewer BANS)  Due to state requirements regarding timing, the borough could not sell an additional $9.7 million BANS for the project, but the interest rate that the borough received for our notes was the best possible scenario.  Unlike bonds, a Bond Anticipation Note is a one year maturity that can be rolled over for several years until a decision is made regarding permanent financing – either pay off the BANS or sell long term bonds.

Atlantic Highlands received an interest rate of 0.75% from Wells Fargo Bank.  Similar issues in the market had come at higher interest rates, and by all accounts, Wells Fargo stepped up to the plate with their rate.  The key issue for most investors, is how secure is the source of repayment for the notes.  Due to the amazing effort of our borough and harbor professional staff, the project work sheet submitted to FEMA is close to $20 million dollars.  We have received verbal assurances from FEMA officials that our project will be funded at 75%, if not 90%- and that will account for the majority of the repayment. 

Additionally, the borough has a business interruption policy for the Harbor as well. In a great piece of foresight attributable to former Mayor Mike Harmon, the borough has had this policy in place since the Nor’easter of 1992.  Until Sandy, the borough has never had to utilize this policy, and it will also be used to repay the Bond Anticipation Notes.  It is safe to say that most municipalities do not carry this type of insurance, and Atlantic Highlands is fortunate to have funded this policy over the years.

Finally, the Mayor and Council always have the ability to raise the rates on the leases in the Harbor.  While that is not currently contemplated, bond investors like to see an additional means of covering debt service, and this certainly gave investors further comfort when bidding our notes.   Next month, the borough will sell our second and final leg of notes for the Harbor.  If Wednesday’s sale can be replicated, the initial financing of the harbor rebuild will be considered a success.