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AHH 24-Hr. News

IMAGE FilmOneFest: Not Just Movies
Thursday, 10 July 2014
photo: Freedom Pottery at FilmOneFest 2013 ATLANTIC HIGHLANDS, NJ - The flourishing arts scene in Atlantic Highlands is evident at FilmOneFest... Read More...
IMAGE Shore Paddle Scheduled for Sunday, July 13
Thursday, 10 July 2014
Paddleboard Race and Fun Paddle to Benefit Clean Ocean Action and Surfers’ Environmental Alliance WHAT:  A paddleboard event to benefit Clean... Read More...
IMAGE Free Historical Augmented Reality Tour of the Asbury Park Boardwalk
Thursday, 10 July 2014
ASBURY PARK, NJ - The Asbury Park Boardwalk has been experiencing an upswing recently. The restaurant, entertainment, and tourism industries have all... Read More...
Gateway Photography Contest: Tell a Story with a Picture
Thursday, 10 July 2014
July 1- July 31, 2014 Love Gateway? Do you take photos of your favorite park all of the time? Gateway's photo contest started on July 1st and runs... Read More...
Classic Rock Music from Woodstock Era
Thursday, 10 July 2014
MANALAPAN, NJ –  For those who memorialize the Woodstock Era and know every lyric and intonation of Jimi Hendrix, Santana, Pink Floyd, Rolling... Read More...

Columns

IMAGE For the Children
by Woody Zimmerman
Thursday, 10 July 2014
When I was raising my own children, I could always be had by a bedtime plea of “Dad, I’m hungry…” A ritual bowl of cereal and some... Read More...
IMAGE Book Review: Love and Treasure
by Lindsey Stefan
Thursday, 10 July 2014
Jack Wiseman is an elderly man who has only one regret in life. He asks his granddaughter Natalie to take a necklace that he has been keeping for... Read More...
IMAGE A See-Through Fish Swims in Local Waters
by Joe Reynolds
Thursday, 10 July 2014
So far this summer, the seining has been pretty good around local waters in Raritan Bay and Sandy Hook Bay. Along with the usual suspects, such as... Read More...
IMAGE When Did I Become Danny Dorn
by Daniel Murphy
Monday, 07 July 2014
For those of you who have grown up in Red Bank and are over 20 you will remember Dorn’s Photo Shop.  Born in 1910 Danny Dorn Sr. became a... Read More...
IMAGE Review - Chef
by David Prown
Saturday, 05 July 2014
The movie "Chef" has been out for several weeks. All I knew was that it starred "Jon Favreau" who I clearly remember from the awesome guys comedy... Read More...

Upcoming Events

Tue Jul 15 @ 3:00PM - 04:30PM
Free Summer Mini-Camp
Tue Jul 15 @ 6:30PM - 08:00PM
Restoring Credit After Sandy Seminar
Wed Jul 16 @ 9:30AM - 10:50AM
Story Time
Wed Jul 16 @ 3:00PM - 04:30PM
Free Summer Mini-Camp
Thu Jul 17 @ 3:15PM - 04:30PM
Children's Programs

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.