Title
Dept/ Agency: Finance
Action: (X) Ratifying (X) Authorizing ( ) Amending
Type of Service: Professional Service Contract
Purpose: To provide to Financial Advisory Services.
Entity Name: NW Financial Group, LLC
Entity Address: 2 Hudson Place, Suite 800, Hoboken, New Jersey 07030
Contract Amount: Not to exceed $350,000.00
Funding Source: Bond Proceeds
Contract Period: July 10, 2023 through July 9, 2024
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.
Not to exceed $350,000.00 among two (2) vendors.
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WHEREAS, the City of Newark ("City") is in need of financial advisors to counsel and assist the City with regards to bond and note issuance, sales and auctions, and other financial matters; 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, the City wishes to enter into a professional services contract with NW Financial Group, LLC, 2 Hudson Place, Suite 800, Hoboken, New Jersey 07030, 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, including commission, will be calculated at a rate of One Dollar and Zero Cents ($1.00) per One Thousand Dollars and Zero Cents ($1,000.00) of par value with a minimum of Seven Thousand ...
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