Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Professional Service Contract
Purpose: To provide Financial Advisory Services.
Entity Name: NW Financial Group, LLC
Entity Address: 2 Hudson Place, Hoboken, New Jersey 07030
Contract Amount: Not to exceed $350,000.00
Funding Source: Bond Proceeds
Contract Period: July 9, 2021 through July 8, 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:
Vendor to be paid from Bond Proceeds.
No Certification of Funds required.
Contract amount not to exceed $350,000.00 between two (2) vendors.
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 other financial matters; 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 Department of Finance received five (5) proposals in response to the RFP and NW Financial Group, LLC, 2 Hudson Place, Hoboken, New Jersey 07030; was one of the respondents; and
WHEREAS, the City of Newark deemed it is in its best interest, based upon price and other factors, to accept the proposal from NW Financial Group, LLC, for the purpose of providing Financial Advisory Services; and
WHEREAS, the City of Newark w...
Click here for full text