Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Professional Service Contract
Purpose: To provide Financial Advisory Services.
Entity Name: PFM Financial Advisors, LLC
Entity Address: 1735 Market Street, Floor 43, Philadelphia, Pennsylvania 19103
Contract Amount: Not to exceed $350,000.00
Funding Source: Bond Proceeds
Contract Period: April 1, 2020 through March 31, 2021
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:
The vendor to be paid from Bond Proceeds.
No Certification of Funds is required.
The contract will not exceed $350,000.00 among three (3) vendors.
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WHEREAS, the City of Newark (the "City") is in need of Financial Advisors to counsel and assist the City of Newark with, among other things, 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, PFM Financial Advisors, LLC, 1735 Market Street, Floor 43, Philadelphia, Pennsylvania 19103, submitted a proposal to the City, Department of Finance, to provide municipal financial advisory services; and
WHEREAS, the Department of Finance reviewed the proposal and deems it is in the City's best interests to retain PFM Financial Advisors to provide municipal financial advisory services; and
WHEREAS, the City wishes to enter into a professional services contract with PFM Financial Advisors, LLC, 1735 Market Street, Floor 43, Philadelphia, Pennsylvania 19103, for an amount not to ex...
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