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  • Hudson County Improvement Authority

    Pooled Note Program

    In an effort to assist municipal entities within County of Hudson (the “County”) to smoothly and reliably access the short-term debt market, the County and the Hudson County Improvement Authority (the “HCIA”) structured a short-term pooled loan financing program, issued through the HCIA, that is backed by the full faith and credit guaranty of County. The County Guaranteed Pooled Note Program has allowed the County to utilize its strong credit in the short term borrowing market to generate debt service savings for eleven local entities. To date, over $1.04 billion has been issued through this program with total savings to the participants in excess of $26.3 million. These savings include interest rate savings achieved by the use of the County Guaranty as well as additional savings from the sharing of costs of issuance. By utilizing the County credit support, the participants were able to achieve tax exempt rates ranging from 0.50% to 1.05% and taxable rates ranging from 0.65% to 2.00%.

    Note Refinancing Project

    Hudson County Improvement Authority
    Town of Harrison Secured Revenue Bonds, Series 2012
    (Town of Harrison Notes Refinance Project

    The Challenge: The Town of Harrison (the “Town”) seeks to take advantage of favorable market conditions by permanently financing outstanding taxable notes.

    The NW Solution: The Town will issue the Bonds through the Hudson County Improvement Authority (the “Authority”) in order to achieve market rates through a negotiated sale. A negotiated sale will give the Town flexibility in timing and structure to ensure a successful transaction.

    The Client Benefit: The Town was able to permanently finance its notes at market interest rates and achieve the lowest interest cost available.

    NW Financial Role: NW served as Financial Advisor to the Authority for the transaction. It included running bond sizing analysis; working with the Town to create an acceptable debt structure; review of financing documents; working with the rating agency; and overseeing the bond underwriting process and transaction closing.

    Key Staff: Michael Hanley, Principal
    Bryan Morris, Analyst

    Reference: Norman Guerra, Chief Executive Officer
    Hudson County Improvement Authority
    574 Summit Avenue, 5th Floor
    Jersey City, New Jersey 07306
    (201) 795-4555