Title
Dept/ Agency: Finance
Action: (X) Ratifying (X) Authorizing ( ) Amending
Type of Service: Professional Service Contract
Purpose: To provide Financial Advisory Services.
Entity Name: Public Resources Advisory Group, Inc.
Entity Address: 39 Broadway, Suite 1210, New York, New York 10006
Contract Amount: Not to exceed $350,000.00
Funding Source: Bond Proceeds
Contract Period: March 17, 2021 through March 16, 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:
The Contract will not exceed $350,000.00 amongst two (2) vendors.
Vendor to be paid from Bond Proceeds.
No Certification of Funds is required.
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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
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 City of Newark received five (5) proposals in response to the RFP and Public Resources Advisory Group, Inc., 39 Broadway, Suite 1210, New York, New York 10006, was one of the respondents; and
WHEREAS, the City of Newark deems it is in its best interest, based upon price and other factors, to accept the proposal from Public Resources Advisory Group, Inc., for the purpose of providing Financial Advisory Services; and
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