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AHH 24-Hr. News

Cheaper Crude and Winter-Blends Mean Less Expensive Gas for Motorists
Friday, 19 September 2014
The Week Monday marked the beginning of the yearly transition to winter-blended fuel.  Starting on September 15, retailers can begin selling a... Read More...
IMAGE Guilty Plea in Fatal Fort Plains Road Crash
Friday, 19 September 2014
Fatal Crash Took the Life of One Passenger, Injured Another FREEHOLD, NJ -  A Howell man pleaded guilty Friday afternoon to charges related to... Read More...
IMAGE Holmdel Man Sentenced to Two Years Probation for Secretly Recording Women
Friday, 19 September 2014
Man Admitted in June He Secretly Used Cellphone to Record Under Victim’s Skirts FREEHOLD, NJ - A Holmdel man who admitted earlier this year he... Read More...
Stolen Immigration Forms Used to Obtain NJ Driver's Licenses
Friday, 19 September 2014
NEWARK, NJ—A former contract employee for U.S. Citizenship and Immigration Services (USCIS) was sentenced today to 26 months in prison for stealing... Read More...
FilmOneFest Movie Premier – Meet the Young Cast Members from Infinitely Polar Bear
Friday, 19 September 2014
Atlantic Highlands, NJ - On September 21 at 2pm, the Atlantic Highlands Arts Council’s FilmOneFest presents Infinitely Polar Bear, starring Mark... Read More...

Columns

IMAGE Living in the Daily Tensions
by George Hancock-Stefan
Friday, 19 September 2014
I am currently reading the book of the great prophet Jeremiah. He lived in the time when the Babylonians conquered the nation of Israel.  While... Read More...
IMAGE Skewed View - September 19, 2014
by Tom Brennan
Friday, 19 September 2014
Woman gets outbid on her "dream home" turns it into a nightmare as she plays pranks on the couple who outbid her.  http://abcn.ws/YRFfKS... Read More...
IMAGE The Secret of Old Age
by Anne Mikolay
Thursday, 18 September 2014
Facebook is a playground for adults. You can find pretty much anything there. While some folks share political commentary, others post inspirational... Read More...
IMAGE Romney Seems Ready for Another Run
by Dennis
Thursday, 18 September 2014
For the past several weeks, the media and the Republican Party have been abuzz with talk related to a most unexpected of topics: former Massachusetts... Read More...
IMAGE Uncertain Trumpet-Call
by Woody Zimmerman
Tuesday, 16 September 2014
On the idle hill of summer,Sleepy with the flow of streams,Far I hear the steady drummerDrumming like a noise in dreams.Far and near and low and... Read More...

Upcoming Events

Sat Sep 20 @ 9:00AM -
5-Mile Run
Sat Sep 20 @ 9:00AM - 02:00PM
Flea Market - Ideal Beach - Middletown
Sat Sep 20 @10:00AM - 03:00PM
St. Jude Fundraiser
Mon Sep 22 @ 7:00PM -
Flute/Guitar Classical Duo
Wed Sep 24 @ 9:30AM - 10:00AM
Baby Story Time Ages 10 – 24 months

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.