East Hanover: Notice Of Sale Of $13,996,523 Bond Anticipation Notes, Series 2020b

Press release from the Township of East Hanover:

July 23, 2020

Notice of Sale of $13,996,523 Bond Anticipation Notes, Series 2020B

Proposals are being solicited for the above issue of $13,996,523 principal amount of Bond Anticipation Notes, Series 2020B (the "Notes") for the purchase at not less than the par amount of the Notes through a fair and open process in accordance with N.J.S.A. 40A:2-28. All bids will be publicly opened and announced by Meghan Ann Bennett, Esq., of GluckWalrath LLP on July 30, 2020, until 11:00 a.m. on behalf of Kenneth Huelbig, Chief Financial Officer of the Township of East Hanover, in the County of Morris, New Jersey (the "Township" or the "Issuer"). Bids will be received either (a) via facsimile, at (732) 530-6770, attention Meghan Ann Bennett, Esq., or (b) via email, to mbennett@glucklaw.com. All bids submitted are the sole responsibility of the bidder and must be received by 11:00 a.m. to facsimile number (732) 530-6770 or email to mbennett@glucklaw.com. No telephone bids will be accepted. The Chief Financial Officer of the Township will evaluate the bids on the basis of the lowest net interest cost to the Township. A determination as to the award will be made no later than 1:00 p.m. on that date. The telephone number for the Chief Financial Officer is (973) 888-6004 and the telephone number for Meghan Ann Bennett, Esq., is (732) 530-8822. The Township and the law firm of GluckWalrath LLP ("Bond Counsel") accept no responsibility for the failure of any telecopied or emailed bids to be received on time for whatever reason.

Bids must be on the official bid form attached hereto as Exhibit A signed by the bidder, sent to (732) 530-6770, attention Meghan Ann Bennett, Esq., or (b) via email, to mbennett@glucklaw.com.

Warnings: Bids submitted by facsimile transmission or email will not be considered timely unless, at the deadline for submission of bids, the entire bid form has been received by Meghan Ann Bennett, Esq., on behalf of the Township. The official time for receipt of bids will be determined by Meghan Ann Bennett, Esq., on behalf of the Township at the place of bid opening, and the Township shall not be required to accept any bidders fax machine time-stamp or email time-stamp as evidence of a timely bid. Neither the Township, nor Bond Counsel shall be responsible for, and the bidder expressly assumes the risk of, any incomplete or untimely bid submitted by facsimile transmission or email by such bidder, including, without limitation, by reason of garbled transmission, mechanical failure, engaged telephone, telecommunications or computer lines, or any other cause arising from delivery by facsimile transmission or email. Bidders may call (732) 530-8822, to confirm receipt of their bids; however the Township takes no responsibility for informing any bidder prior to the time for receiving bids that its bid is incomplete, illegible or not received.

The Notes will be issued in a single issue in the principal amount of $13,996,523. Each bid must offer to purchase all Notes being offered at a price of not less than par and must specify a single rate of interest offered for the Notes. Interest shall be calculated on a 360-day year consisting of twelve 30-day months. The Chief Financial Officer expects to award the Notes to the responsive bidder specifying the lowest net interest payable by the Township. However, the Township reserves the right to reject all bids or to award the Notes to a bidder other than the lowest bidder. The bidder, by submitting a bid agrees to accept the determination of the Chief Financial Officer.

View Official Notice Here

This press release was produced by the Township of East Hanover. The views expressed here are the author's own.