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AHH 24-Hr. News

IMAGE Drunk Driving Enforcement Crackdown to be Conducted Locally as Part of Statewide Year End Campaign
Friday, 28 November 2014
Atlantic Highlands, NJ — Chief Jerry Vasto reports the Atlantic Highlands Police Department will be cracking down on drunk drivers as part of the annual holiday season “Drive Sober or Get Pulled Over” statewide campaign. BeginningDecember... Read More...
IMAGE Highland Police Investigate Assault, Burglary and Weapons Possession Charges
Friday, 28 November 2014
HIGHLANDS, NJ - The following police report is provided by the Highlands Police Department.  All subjects are presumed innocent until proven guilty in a court of law. On 11/25/14 8:30AM Highlands Police responded to a street argument and found... Read More...
8 More Charged in DEP Crackdown to Combat Illegal Dumping
Friday, 28 November 2014
TRENTON, NJ – The Department of Environmental Protection’s (DEP) initiative to crack down on illegal dumping in state parks and recreational lands has yielded eight more enforcement actions, all for disposing of debris and other materials... Read More...
Thanksgiving Weekend Travel: Icy Spots in Northeast; Stormy in the West
Friday, 28 November 2014
AccuWeather reports as millions return home from Thanksgiving this weekend, icy roads will be a hazard in the Northeast. An onslaught of storms, bringing snow and rain, will disrupt travel in the West. Watch for Icy Spots in the Northeast While... Read More...
Rumson Christmas Tree Lighting Celebration Sunday, December 7
Friday, 28 November 2014
Rumson, NJ –  Rumson, NJ will celebrate the holiday season with a traditional Christmas Tree Lighting Celebration at 5 p.m. on Sunday, December 7 in Victory Park. All Rumson residents are welcome to attend. The evening’s festivities will... Read More...

Columns

IMAGE Buffleheads are Back in Town
by Joe Reynolds
Friday, 28 November 2014
Brrrrrrr. It's like Mother Nature flipped a  switch. The first really cold temperatures of the season have invaded New York  Harbor. Winter... Read More...
IMAGE Review - Theory of Everything
by David Prown
Tuesday, 25 November 2014
I'm not a science guy.  I have no true understanding of the genius of uber-astrophysicist Stephen Hawking. But the reviews looked... Read More...
IMAGE Chronic Fatigue Syndrome Often Not Believed
by Daniel J. Vance
Saturday, 22 November 2014
Chronic Fatigue Syndrome (CFS), also called Chronic Fatigue Immune Dysfunction Syndrome, had Carl Miller of Georgetown, Ohio, and his doctors,... Read More...
IMAGE Imparted Concepts
by George Hancock-Stefan
Friday, 21 November 2014
I heard on the news that a baseball player, Giancarlo Stanton, received the highest salary that has ever been paid ($325 million over 13... Read More...
IMAGE Review - Interstellar
by David Prown
Friday, 21 November 2014
I was definitely not jonesing to see "Interstellar" as I'm not really a big special effects guy however I've always liked space movies. My son saw it... Read More...

Upcoming Events

Sat Nov 29 @ 5:00PM -
Keyport Tree Lighting
Sun Nov 30 @ 4:00PM -
Pier Village Tree Lighting
Mon Dec 01 @11:30AM - 05:00PM
Monday Mix Goes to the Culinary Education Center
Mon Dec 01 @ 7:00PM -
Keansburg Tree Lighting
Mon Dec 01 @ 8:00PM -
Middletown Township Committee Workshop

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.