Title
Dept/ Agency: Finance
Action: (X) Ratifying (X) Authorizing ( ) Amending
Type of Service: Professional Service Contract
Purpose: To provide to Financial Advisory Services.
Entity Name: NW Financial Group, LLC
Entity Address: 2 Hudson Place, Suite 800, Hoboken, New Jersey 07030
Contract Amount: Not to exceed $350,000.00
Funding Source: Bond Proceeds
Contract Period: July 10, 2023 through July 9, 2024
Contract Basis: ( ) Bid ( ) State Vendor (X) Prof. Ser. ( ) EUS
( ) Fair & Open (X) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient ( ) n/a
Additional Information:
Vendor to be paid from Bond Proceeds.
No Certification of Funds required.
Not to exceed $350,000.00 among two (2) vendors.
body
WHEREAS, the City of Newark (“City”) is in need of financial advisors to counsel and assist the City with regards to bond and note issuance, sales and auctions, and other financial matters; and
WHEREAS, such financial advisors are part of a highly regulated financial industry, licensed by various regulatory authorities; as such, those services are professional services, excluded from the requirements of public bidding pursuant to the Local Public Contracts Law, more specifically, N.J.S.A. 40A:11-5(1)(a)(i); and
WHEREAS, the City wishes to enter into a professional services contract with NW Financial Group, LLC, 2 Hudson Place, Suite 800, Hoboken, New Jersey 07030, for an amount not to exceed Three Hundred Fifty Thousand Dollars and Zero Cents ($350,000.00) among two (2) vendors. It is expressly agreed that the City is not obligated to expend any monies or incur any expenses under this contract. For specific financing, such as bond and/or note issues, the fee, including commission, will be calculated at a rate of One Dollar and Zero Cents ($1.00) per One Thousand Dollars and Zero Cents ($1,000.00) of par value with a minimum of Seven Thousand Five Hundred Dollars and Zero Cent ($7,500.00) for Bonds Financings and Notes Financings of the principal amount financed payable at the closing of the proposed bond issuance in accordance with the term of sale, as provided in the contract for a period from July 10, 2023 through July 9, 2024; and
WHEREAS, the Local Public Contracts Law (N.J.S.A. 40A:11-1 et. seq.) requires that notice of the award of contracts for “Professional Services” without competitive bidding must be published in a local newspaper; and
WHEREAS, NW Financial Group, LLC has completed and submitted a Business Entity Disclosure Certification which certifies that NW Financial Group, LLC has not made any reportable contributions to a political or a candidate committee in the City in the previous one (1) year, and that the contract will prohibit NW Financial, LLC from making any reportable contributions through the term of the contract; and
WHEREAS, the Municipal Council adopted New Jersey Municipal Code § 2:4-22C.1, which adopted the State of New Jersey’s Pay-to-Play statutory requirements pursuant to N.J.S.A. 19:44A-20.5, as may be amended and supplemented, governing eligibility for municipal contracts.
NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
1. The Mayor and/or his designee the Director of Finance, are hereby authorized and directed on behalf of the City of Newark to execute a contract with NW Financial Group, LLC, 2 Hudson Place, Suite 800, Hoboken, New Jersey 07030, to provide Professional Financial Advisory Services, for a period from July 10, 2023 through July 9, 2024.
2. The contract shall be for an amount not to exceed Three Hundred Fifty Thousand Dollars and Zero Cents ($350,000.00) among two (2) vendors. It is expressly agreed that the City of Newark is not obligated to expend any monies or incur any expenses under this contract. For specific financing such as bond and/or notes issues, the fee will be calculated at a rate of One Dollar and Zero Cents ($1.00) per One Thousand Dollars and Zero Cents ($1,000.00) of par value with a minimum of Seven Thousand Five Hundred Dollars and Zero Cents ($7,500.00) for Bonds Financings and Notes Financings of the principal amount financed payable at the closing of the proposed issuance in accordance with the term of sale, as provided in the contracts. Funds to be utilized for this contract will be from bond proceeds.
3. This contract is awarded without competitive bidding as a “Professional Service” in accordance with N.J.S.A. 40A:11-5(a)(i) of the Local Public Contracts Law because the performance of the service required must be performed by someone who is a licensed financial advisor in the State of New Jersey.
4. The contract is hereby ratified from July 10, 2023 until the date of adoption of this Resolution.
5. This contract is an open-ended contract to be used as needed during the term of the contract. Thus, for any and all expenditures against this contract, a certification of the availability of sufficient funds, as required by N.J.A.C. 5:30-5.5(b)(2), shall be executed before a contractual liability is incurred each time an order is placed, covering the amount of the order.
6. NW Financial Group, LLC has completed and submitted a Business Entity Disclosure Certificate, which shall be placed on file with the resolution in the Office of the City Clerk, certifying that NW Financial Group, LLC has not made any reportable contributions to a political or a candidate committee in the City of Newark in the previous one (1) year, and the contract will prohibit NW Financial Group, LLC from making reportable contributions through the term of the contract.
7. A copy of the fully executed contract herein authorized shall be filed in the Office of the City Clerk by the Director of Finance and shall be made available for public inspection.
8. There shall be no advance payments made against this contract in accordance with N.J.S.A. 40A:5-16.
9. A notice of this action shall be published in the newspaper authorized by law to publish a legal advertisement and as required by law within ten (10) days of the adoption of this Resolution.
STATEMENT
This Resolution ratifies and authorizes the Mayor and/or his designee the Director of Finance to enter into a professional service contract with NW Financial Group, LLC, 2 Hudson Place, Suite 800, Hoboken, New Jersey 07030 to provide financial advisory services for the period of July 10, 2023 through July 9, 2024.