Tell your friends

 This email address is being protected from spambots. You need JavaScript enabled to view it.
(732) 872-1957

AHH 24-Hr. News

IMAGE 11th Annual Pier House 5K to Complete the Jersey Shore Grand Prix on Labor Day
Friday, 22 August 2014
PHOTO: Start of 2013 Pier House race.  LONG BRANCH, NJ - The revitalized Long Branch beachfront will be the site of the 11th Annual Pier House... Read More...
IMAGE Middletown Pays Silent Tribute to September 11 Victims
Friday, 22 August 2014
PHOTO: Middletown World Trade Center Memorial Gardens.  (photo by Lee Beaumont) MIDDLETOWN – A silent tribute will be paid to... Read More...
Middletown Schedules Separate Rabies Clinics for Cats and Dogs
Friday, 22 August 2014
MIDDLETOWN, NJ - The Middletown Township Health Department has set dates for the free rabies clinics for cats and dogs. Free Rabies Clinic for Cats... Read More...
Monmouth University Blue Hawk Record Students Perform and Tour in Italy
Friday, 22 August 2014
West Long Branch, N.J. - Monmouth University music industry students from its student-run record label, Blue Hawk Records, performed and toured... Read More...
IMAGE Organizations Unite to Rebuild Long Branch Home
Friday, 22 August 2014
Pictured from left to right:  American Red Cross President for Humanitarian Services Cliff Holtz, American Red Cross Divisional Vice President... Read More...

Columns

IMAGE Racial Unrest, Then and Now
by Woody Zimmerman
Friday, 22 August 2014
In the fall of 1957, while walking my newspaper-route, I read about the drama playing out at Central High School in Little Rock, Arkansas. Following... Read More...
IMAGE Skewed View - August 22, 2014
by Tom Brennan
Friday, 22 August 2014
Teen kicked out of NJ movie theater for bringing in candy.Oh, he's a Type 1 diabetic AND the owner is a pediatrician: http://6abc.cm/1t8WyBS After 6... Read More...
IMAGE Atlantic Highlands Waterfront - a Place for All to Enjoy
by Jack Archibald
Friday, 22 August 2014
Even though summer is winding down, good things continue to happen in the Atlantic Highlands harbor that will benefit our community for years to... Read More...
IMAGE No Words to Describe Loss of Amanda
by Anne Mikolay
Thursday, 21 August 2014
It's not always easy to come up with a weekly topic for this column. Usually, I mentally bat around a few ideas based upon current events or personal... Read More...
IMAGE Skewed View - August 16, 2014
by Tom Brennan
Saturday, 16 August 2014
Man calls 911 because a drug dealer is at the corner.  Wait, no, that's a street sign: http://bit.ly/1kBfhVf Why did the chicken cross the road?... Read More...

Upcoming Events

Sat Aug 23 @12:30PM - 03:30PM
Jersey Shore Rose Society Meets
Thu Aug 28 @ 9:00AM - 11:00AM
Middletown Mayor Open Office Hours
Tue Sep 02 @ 8:00PM -
Middletown Township Committee Workshop
Thu Sep 04 @ 4:00PM -
Special Preschool Storytime - AH Library
Mon Sep 08 @ 7:00PM - 09:00PM
PFLAG Meets

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.