Title
Dept./ Agency: Finance
Action: (X) 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, 2021 through March 31, 2022
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.
The contract amount will not exceed $350,000.00 between two (2) vendors.
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WHEREAS, the City of Newark (the "City") is in need of Financial Advisors to counsel and assist the City with regards 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, 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, 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 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 bonds, the fee will be calculated at a rate of $1.00 per $1,000.00 of par value for New Money and $1.15 per $1,000.00 of par value for Refunding. For financings such as notes, the fee will be calc...
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