Title
Dept/ Agency: Finance
Action: ( X ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Professional Service Contract
Purpose: Financial Advisory Services
Entity Name: NW Financial Group, LLC, Acacia Financial Group, Inc.
Entity Address: 2 Hudson Place, Hoboken, New Jersey 07030; and FourGreentree Centre, Suite 206, 13000 Lincoln Drive West, Marlton, New Jersey 08053
Contract Amount: Not to Exceed $ 100,000.00 for two vendors
Funding Source: Capital Funds and Bond/Note Proceeds
Contract Period: January 1, 2013 through December 31, 2013
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:
No Municipal funds required, the advisors will be paid from Bond proceeds.
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WHEREAS, the City of Newark is in need of licensed, financial advisors to counsel and assist the City of Newark 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, 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 of Newark advertised a Request for Proposal (RFP) for Financial Advisory Services; and
WHEREAS, two (2) proposals were received from NW Financial Group, LLC, 2 Hudson Place, Hoboken, New Jersey 07030 and Acacia Financial Group, Inc., Four Greentree Centre, Suite 206, 13000 Lincoln Drive West, Marlton, New Jersey 08053; and
WHEREAS, all proposals received were reviewed by the Department of Finance and deemed satisfactory by the City of Newark; and
WHEREAS, t...
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