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AHH 24-Hr. News

IMAGE Middletown Library - November 2014 – New Events for Adults and Teens
Friday, 24 October 2014
MIDDLETOWN, NJ - Middletown Township Public Library, 55 New Monmouth Road, Middletown NJ, will host the following events for adults and teens... Read More...
2nd Annual Wine Tasting Benefit for Red Bank Library
Friday, 24 October 2014
RED BANK, NJ - The Foundation for the Red Bank Public Library is holding its 2nd annual wine tasting benefit on November 11, 2014 from 7:00 pm... Read More...
Sermon: The Promise
Friday, 24 October 2014
ATLANTIC  HIGHLANDS ---The Rev. Paul F. Rack will preach on placing our trust in the fulfillment of God's promise of redemption, equality... Read More...
IMAGE Keansburg Hosts Zombies & Comic Character Walk
Friday, 24 October 2014
Saturday, November 1 starting at 5 p.m. KEANSBURG, NJ - Everyone is invited to dress up and join the Halloween fun including two haunted houses. The... Read More...
Monmouth County Chamber Spooky Halloween Business Networking Party
Friday, 24 October 2014
Belford, NJ - Join the Monmouth County Chamber of Commerce for its Annual Halloween Party on Wednesday, October 29, from 6pm to 8pm at the Kedz... Read More...

Columns

IMAGE Remembering Hans Holzer’s Paranormal Investigations in NJ (Part II)
by Dennis
Friday, 24 October 2014
As was revealed in the previous article, the late Dr. Hans Holzer, famed pioneer of psychical research, helped put Port Monmouth’s Spy House on the... Read More...
IMAGE The Fountain of Youth
by Anne Mikolay
Thursday, 23 October 2014
On October 20th, actress Renee Zellweger arrived at the 2014 Elle Women in Hollywood awards with a new face. As a result of very obvious plastic... Read More...
IMAGE Review - The Skeleton Twins
by David Prown
Sunday, 19 October 2014
Recently a good friend shared that she was very amped up to see the new movie "The Skeleton Twins" playing at the Bow Tie in Red Bank. She is a big... Read More...
IMAGE Halloween Special Feature: Remembering Hans Holzer’s Paranormal Investigations in NJ (Part I)
by Dennis
Sunday, 19 October 2014
When it came to ghosts, ghouls, and stories from beyond the grave, few spoke as authoritatively as the late Dr. Hans Holzer. The Austrian-born... Read More...
IMAGE Who Put a Silver Bracelet on a Bird?
by Joe Reynolds
Saturday, 18 October 2014
As autumn progresses around New York Harbor (including the lower reaches of Sandy Hook Bay and Raritan Bay), royalty has returned to our sandy... Read More...

Upcoming Events

Tue Oct 28 @ 7:00PM -
MT Town Hall Meeting - Economic Development
Wed Oct 29 @ 9:30AM - 10:00AM
Baby Story Time Ages 10 – 24 months
Wed Oct 29 @10:30AM - 10:50AM
Toddler Story Time Ages 2 & 3
Wed Oct 29 @ 7:00PM -
The Underground Railroad in New Jersey
Thu Oct 30 @ 3:15PM - 03:45PM
School Age Programs Grades K and up

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.