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7/31/2015 - Borough gains Moody's Aa2 Rating, Sells Bonds

PEAPACK, NEW JERSEY - The Borough of Peapack and Gladstone recently received a Aa2 credit rating from Moody’s Investors Service, Inc. in connection with the sale of its $1,400,000 General Obligation Bonds on July 24,2015. The bonds have a net interest cost of 1.869717%.

Mayor William Muller was pleased with the results of the sale and Moody’s rating report, which “maintains the Aa2 rating ... reflecting the stabilization of the Borough’s financial position to a level that provides satisfactory financial flexibility.” Dr. Anthony Suriano, Chairman of the Borough Council’s Finance Committee, praised the efforts of the Borough’s Business Administrator Hector A. Herrera and Financial Officer Mary P. Robinson, along with the Borough’s Bond Counsel John L. Kraft and Jason P. Capizzi of Kraft & Capizzi, LLC, and Auditor Timothy Vrabel of T.M. Vrabel & Associates, LLC, for bringing the issue to market. Mr. Kraft stated that “Peapack and Gladstone is one of New Jersey’s strongest municipalities given its outstanding credit rating, the fiscal prudence of its governing body, and the high quality and dedication of its administrative staff.”

The bond proceeds will be used to permanently finance $1,145 million of a $1,191 million bond anticipation note that matures on August 28,2015 (the remainder of the note will be repaid using $46,000 of unspent proceeds), and to provide $255,000 in new money for additional improvements authorized by the Borough Council.

Contact for additional information: Mary P. Robinson, Chief Financial Officer, (908) 234-2250.