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AHH 24-Hr. News

Highlands 2015 St. Patrick's Day Parade Set for March 21
Sunday, 01 March 2015
HIGHLANDS, NJ -The Highlands Business Partnership is proud to present the 13th Annual St. Patrick’s Day Parade on Saturday, March 21, 2015 at 2:00 PM. Nearly 100 marching units including bagpipers, marching bands, Irish dancers, and... Read More...
State Troopers to Set Up Sobriety Checkpoint on Garden State Parkway in Monmouth County
Friday, 27 February 2015
West Trenton, N.J. - The New Jersey State Police Troop “D” Traffic Office, in an effort to reduce crashes attributed to driving while intoxicated, will set up a sobriety checkpoint on Saturday, March 7, 2015. Vehicles traveling on the... Read More...
IMAGE Red Bank Regional Celebrates Black History Month with Message for the Future
Friday, 27 February 2015
PHOTO: Red Bank Middle School Vice Principal Julius Clark gave the keynote address - invaluable advice to students that their success is of their own making and not to let society’s stereotypes define them or be an excuse for failure. Little... Read More...
IMAGE Bill Mack and Gary M. Welton Exhibition in Red Bank
Friday, 27 February 2015
RED BANK, NJ - A never-before-seen collection by famed artists, Bill Mack and Gary Welton, will be on exhibition and available for acquisition in a dual artist presentation at Gotham Fine Art Gallery in Red Bank, New Jersey.  Mack and Welton... Read More...
Pallone Announces Start of Congressional Art Competition for Local High Schools
Friday, 27 February 2015
LONG BRANCH, NJ – Today, Congressman Frank Pallone, Jr. (D-NJ) announced that the 6th Congressional District Annual High School Art Competition is officially underway.  The competition is open to all high school students in the New Jersey’s... Read More...

Columns

IMAGE Poetical License and Truth
by George Hancock-Stefan
Friday, 27 February 2015
Our Monmouth County neighbor Mr. Brian Williams from NBC was suspended for telling a story about his time in Iraq that was not completely... Read More...
IMAGE Skewed View - February 27, 2015
by Tom Brennan
Friday, 27 February 2015
Are you on you phone reading this eating a free sample at Whole Foods now?Then you may run into one of these people: http://bit.ly/1aiquX5 First... Read More...
IMAGE Cold Temperatures Create a Frozen Estuary
by Joe Reynolds
Monday, 23 February 2015
It was nothing safe to walk on, but much Sandy Hook Bay and Raritan Bay was locked up in ice this weekend. Several weeks of teeth-chattering,... Read More...
IMAGE My Oscar Picks for 2015
by David Prown
Sunday, 22 February 2015
I'm pretty sure I've never watched the Oscar ceremony nor really had any interest. However, I bet it is a heck of a show and my loss for never... Read More...
IMAGE Review - Foxcatcher
by David Prown
Sunday, 22 February 2015
I have been waiting awhile for Foxcatcher to come to the area. The previews looked intense and engaging. I was somewhat familiar with this story and... Read More...

Upcoming Events

Fri Mar 06 @ 2:00PM - 07:00PM
Income Tax Help - Union Beach
Mon Mar 09 @ 7:00PM -
AH - American Legion Meeting
Wed Mar 11 @ 1:00PM -
NARFE Meets
Wed Mar 11 @ 7:00PM -
AH Council Meeting
Fri Mar 13 @ 2:00PM - 07:00PM
Income Tax Help - Union Beach

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.