NOTICE OF SALE
BOROUGH OF INTERLAKEN
(Monmouth County, New Jersey)
$1,124,508 BOND ANTICIPATION NOTES, SERIES 2018
Bids are being solicited through a fair and open process in accordance with N.J.S.A. 19:44A-20.5 for the purchase of $1,124,508 Bond Anticipation Notes, Series 2018 (the "Notes") of the Borough of Interlaken, in the County of Monmouth, New Jersey. All bids will be publicly opened and announced at the Office of the Borough Chief Financial Officer on Wednesday, April 11, 2018, at 11:30 a.m., prevailing local time ("Sale Date").
No telephone bids will be accepted. Bids must be received by 11:30 a.m. on the Sale Date, and may be submitted by completing the attached bid form and submitting to the address, email address and/or fax number shown on the bid form. Sealed bids are encouraged, but emailed and/or faxed bids will be accepted provided they comply with the conditions stated herein. If a bidder wishes to transmit its bid by email or fax such bidder hereby acknowledges that such emailed or faxed bid will not be reviewed by the Borough until the public opening of the bids aforesaid. This Notice of Sale has been posted on the Borough’s website (www.interlakenboro.com).
Each bid must offer to purchase the entire Note issue being offered at no less than par plus accrued interest and must specify a single rate of interest per annum offered for the Notes. The Chief Financial Officer will evaluate bids on the basis of the lowest net interest cost to the Borough. Award of the Notes to the bidder proposing the lowest net interest cost or rejection of all bids will be made by 2:00 p.m. on the Sale Date. As between bidders specifying the same lowest net interest cost, the Notes will be sold to the bidder selected by lot from among all such bidders. The Borough reserves the right to reject all bids.
The successful bidder is advised of the responsibility to file an annual disclosure statement on political contributions with the New Jersey Election Law Enforcement Commission pursuant to N.J.S.A. 19:44A-20.13 (P.L. 2005, c. 271, s.3) if the successful bidder receives contracts in excess of $50,000 from public entities in a calendar year. It is the successful bidder's responsibility to determine if filing is necessary. Additional information on this requirement is available from ELEC at 888-313-3532 or at www.elec.state.nj.us.
SPECIFICATIONS OF NOTES
Principal Amount: $1,124,508 Bond Anticipation Notes, Series 2018
Dated Date: April 20, 2018
Maturity Date: April 19, 2019
Interest Rate per Annum: Specified by successful bidder, payable at maturity
Denominations: $100,000 each or any integral multiple thereof (with an odd piece of $124,508)
Legal Opinion: McLaughlin Stauffer & Shaklee, P.C.,
Wall Township, New Jersey, Bond Counsel
Closing: April 20, 2018, at the Borough offices or elsewhere, as agreed to with the successful bidder
Payment: Immediately available funds
The Notes are issued pursuant to the laws of the State of New Jersey, including the Local Bond Law, to finance various improvements in the Borough.
The Notes shall be general obligations of the Borough and to the extent the Notes are not paid from other sources, the Borough is obligated to levy ad valorem taxes upon all the taxable real property therein for the payment of the debt service on the Notes without limitation as to rate or amount. The Notes will mature without option of prior redemption, will be issued in bearer form without coupons, will be registrable as to both principal and interest, payable at maturity in lawful money of the United States of America, and the interest will be calculated on the basis of a 30 day month/360 day year. The Notes will be designated "Qualified Tax-Exempt Obligations" for purposes of Section 265(b)(3) of the Internal Revenue Code of 1986, as amended.
No Official Statement has been prepared by the Borough in connection with the issuance of the Notes; however, for purposes of Securities and Exchange Commission Rule 15c2-12, please note the exemptions therefrom, particularly paragraph (d)(1) of the Rule for issues in authorized denominations of $100,000 or more and which are sold to no more than thirty-five (35) persons each of whom the Purchaser reasonably believes (i) has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks of the Notes and (ii) is not purchasing for more than one account or with a view to distributing the securities. The Purchaser will be required to certify to the matters referred to in the preceding sentence at closing.
The obligations hereunder to deliver and to accept the Notes shall be conditioned on the availability and delivery at the time of delivery of the Notes of (a) the approving legal opinion of the law firm of McLaughlin Stauffer & Shaklee, P.C., Wall Township, New Jersey ("Bond Counsel"), which will be furnished without cost to the successful bidder, to the effect that the Notes are valid and legally binding obligations of the Borough of Interlaken, New Jersey, payable in the first instance from bonds in anticipation of which the Notes are issued, but if not so paid or if not paid from other sources, payable ultimately from ad valorem taxes which may be levied on all the taxable real property in the Borough without limitation as to rate or amount, and that interest on the Notes is excluded from gross income for Federal tax purposes under current law if the Borough complies with all conditions subsequent contained in the Internal Revenue Code of 1986, as amended (the "Code"), except to the extent that interest on the Notes held by a corporate taxpayer is included in the relevant income computations for calculation of the corporate alternative minimum tax and that interest on the Notes and any gain on the sale thereof are not includable as gross income under the present New Jersey Gross Income Tax Act; (b) certificates in form satisfactory to Bond Counsel evidencing the proper execution and delivery of the Notes, the receipt of payment therefor and the compliance with the requirements of the Code necessary so that the Notes will not be arbitrage obligations within the meaning of the Code; and (c) a certificate, in form and tenor satisfactory to Bond Counsel and dated as of the date of such delivery, to the effect that there is no litigation pending or (to the knowledge of the signer or signers thereof) threatened affecting the validity of the Notes.
If the Notes are reoffered to the public, the purchaser thereof is required to certify the reasonably expected reoffering price, yield, net interest cost and true interest cost for the Notes and CUSIP identification numbers, if any, therefor prior to the Closing on the Notes.
Additional information concerning the Borough of Interlaken and the Notes is available by contacting the Borough Chief Financial Officer, Stephen Gallagher, at (732) 531-7405 or Drew A. Stauffer, Esq., McLaughlin Stauffer & Shaklee, P.C., Bond Counsel, at (732) 751-2800.
BOROUGH OF INTERLAKEN, IN THE COUNTY OF
MONMOUTH, NEW JERSEY
Chief Financial Officer
Dated: March 29, 2018
April 11, 2018
Mr. Stephen Gallagher
Chief Financial Officer
BOROUGH OF INTERLAKEN
100 Grasmere Avenue
Interlaken, New Jersey 07712
FAX (732) 531-7099
RE: BID FOR $1,124,508 BOND ANTICIPATION NOTES, SERIES 2018
Dear Mr. Gallagher:
Subject to the provisions of the Notice of Sale dated March 29, 2018, relating to $1,124,508 Bond Anticipation Notes, Series 2018 dated April 20, 2018 and due April 19, 2019 that is made a part hereof, we offer to purchase the Notes described therein as follows:
Interest Rate Per Annum %
Amount of Notes Bid for $1,124,508
Price of Notes Bid for $
(at no less than par)
Net Interest Cost $ / %
(please specify in both dollars
and, in addition thereto, to pay interest accrued from the Dated Date of the Notes to the date of delivery, if Closing shall occur subsequent to the Dated Date.
Signature of Authorized Officer
Name of Bidder
Address of Bidder
PLEASE TAKE NOTICE that the Borough Council Meeting for April 18, 2018 has been rescheduled. The meeting will now be held on Wednesday, April 25, 2018. The workshop portion of the meeting will begin at 7:00 p.m., with the regular scheduled meeting immediately following the conclusion of the workshop portion; however, in no event will the regular meeting start earlier than 7:30 p.m. This meeting is open to the public and will be held at Borough Hall, 100 Grasmere Avenue, Interlaken, NJ 07712
Action will be taken.
LORI REIBRICH, RMC
BOROUGH ADMINISTRATOR/ CLERK
TOWN WIDE GARAGE SALE FLIER
Dates to Remember...
Welcome to the Borough of Interlaken
Interlaken is a small, quiet community of single family homes on tree-lined streets.
There is no commercial district or business district. Interlaken is a purely residential community of just over 395 residences, and a total population of approximately 820.
Named for a small town in Switzerland, between the lakes, Interlaken is bordered on the north and south by arms of Deal Lake. A quiet respite near ocean beaches and shopping.