Title
Dept/ Agency: Finance
Action: (X) Ratifying (X) Authorizing ( ) Amending
Type of Service: Professional Service Contract
Purpose: Financial Advisory Pool
Entity Name: NW Financial Group, L.L.C., and Terminus Municipal Advisors, LLC.
Entity Address: 2 Hudson Place, 3rd Floor, Hoboken, New Jersey 07030 and 3715 Northside Parkway NW, Suite 4-220, Atlanta, Georgia 30327
Contract Amount: Amount not to exceed $350,000.00, for two (2) vendors
Funding Source: Bond Proceeds
Contract Period: January 1, 2017 through December 31, 2017
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:
body
WHEREAS, the City of Newark is in need of licensed, financial advisors to counsel and assist the City of Newark with regard to bond and note issuance, sales and auctions; 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, NW Financial Group, L.L.C. and Terminus Municipal Advisors, LLC are financial advisors with proven experience and reputation in their practice and a specific expertise in issues involving municipal government bond matters; and
WHEREAS, it is in the best interest to the City of Newark to award a contract to NW Financial Group, LLC and Terminus Municipal Advisors, L.L.C.; and
WHEREAS, the Director of Finance/Chief Financial Officer recommends to the Municipal Council that it is in the best interests of the City of Newark to maintain a pool of qualified Financial Advisors for the period of January 1, 201...
Click here for full text