Title
Dept/ Agency: Finance
Action: (X) Ratifying (X) Authorizing ( ) Amending
Type of Service: Professional Service Contract
Purpose: To provide Financial Advisory Services.
Entity Name: Public Resources Advisory Group, Inc.
Entity Address: 39 Broadway, Suite 1210, New York, New York 10006
Contract Amount: Not to exceed $350,000.00
Funding Source: Bond Proceeds
Contract Period: March 17, 2021 through March 16, 2022
Contract Basis: ( ) Bid ( ) State Vendor (X) Prof. Ser. ( ) EUS
(X) Fair & Open (X) No Reportable Contributions (X ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient ( ) n/a
Additional Information:
The Contract will not exceed $350,000.00 amongst two (2) vendors.
Vendor to be paid from Bond Proceeds.
No Certification of Funds is required.
body
WHEREAS, the City of Newark is in need of Financial Advisors to counsel and assist the City of Newark with bond and note issuance, sales and auctions; and
WHEREAS, Financial Advisors are part of a highly regulated financial industry, licensed by various regulatory authorities; as such, those services are Professional Services, exempt 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, in order to obtain those services, the City of Newark, Department of Finance, advertised a notice of Request for Proposal (RFP) for Financial Advisory Services on or about March 1, 2021; and
WHEREAS, the City of Newark received five (5) proposals in response to the RFP and Public Resources Advisory Group, Inc., 39 Broadway, Suite 1210, New York, New York 10006, was one of the respondents; and
WHEREAS, the City of Newark deems it is in its best interest, based upon price and other factors, to accept the proposal from Public Resources Advisory Group, Inc., for the purpose of providing Financial Advisory Services; and
WHEREAS, the City of Newark wishes to enter into a Professional Services Contract with Public Resources Advisory Group, Inc., 39 Broadway, Suite 1210, New York, New York 10006, 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 will be calculated at a rate of $0.75 per $1,000.00 of par value with a minimum of $45,000.00 for Bonds Financings and $25,000.00 for 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 contract for a period from March 17, 2021 through March 16, 2022; 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, this contract is for an amount over $17,500.00 and is being awarded pursuant to a “Fair and Open Process” pursuant to N.J.S.A. 19:44A-20.5; and
WHEREAS, Public Resources Advisory Group, Inc., has completed and submitted a Business Entity Disclosure Certification, which certifies that Public Resources Advisory Group, Inc., 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 that the contract will prohibit Public Resources Advisory Group, Inc., from making any reportable contributions through the term of the contract; and
WHEREAS, the Municipal Council adopted the Contractor Pay-to-Pay Reform Ordinance R.O. 2:4-22C, which forbids the award of a contract to a Business Entity, as defined therein, which has made or solicited political contributions to Newark Municipal Candidates and County of Essex Candidates, office holders having ultimate responsibility for the award of a contract; candidates committees of the aforementioned candidates, and political or political party committees of the City of Newark or County of Essex; and continuing political committees or political action committees regularly engaged in the support of the City of Newark Municipal or County of Essex Elections; and certain other political party or candidate committees, in excess of certain thresholds.
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 enter into and execute a contract with Public Resources Advisory Group, Inc. 39 Broadway, Suite 1210, New York, New York 10006, to provide Financial Advisory Services 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 note issues, the fee will be calculated at a rate of $0.75 per $1,000.00 of par value with a minimum of $45,000.00 for Bonds Financings and $25,000.00 for 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.
2. The term of this Contract shall be March 17, 2021 through March 12, 2022.
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. This contract is being awarded pursuant to the Fair and Open procedures of the State Pay to Play Law (N.J.S.A. 19:44A-20.5) and is in compliance with the City of Newark’s Contractor Pay-to-Play Reform Ordinance, Newark, New Jersey Municipal Code §2:4-22C.
5. The contract is ratified from March 17, 2021 until the date of adoption of this authorizing Resolution.
6. A copy of the executed agreement 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.
7. 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 Public Resources Advisory Group, Inc. 39 Broadway, Suite 1210, New York, New York 10006, to provide Financial Advisory Services for the period of March 17, 2021 through March 16, 2022, for an amount not to exceed Three Hundred Fifty Thousand Dollars and Zero Cents ($350,000.00) to be split amongst two (2) vendors.