Title
Dept/ Agency: Finance
Action: (X) Ratifying (X) Authorizing ( ) Amending
Type of Service: Professional Services Contract
Purpose: 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: Capital Funds/Bond Proceeds
Contract Period: January 1, 2014 through December 31, 2014
Contract Basis: ( ) Bid ( ) State Vendor (X) Prof. Service ( ) EUS
( ) Fair & Open (X) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient ( ) N/A
Additional Information:
Professional Service Contract N.J.S.A. 40A:11-5(a) (i), and services including the printing of bonds and documents necessary to the issuance and sale thereof N.J.S.A. 40A:11-5(1)(h).
Open-ended contract to be used as needed during contract period.
Partial Certification of Funds in the amount of $20,000.00 is attached to file.
Body
WHEREAS, the City of Newark (hereinafter "the City") has determined there is a need for 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; and
WHEREAS, the services to be performed are "Professional Services" as defined in the Local Public Contracts Law, N.J.S.A. 40A:11-2(6), and therefore are excepted from the Local Public Contracts Law requirements for competitive bidding, pursuant to N.J.S.A. 40A:11-5(1) (a) (i); and
WHEREAS, the services to be performed also include the printing of bonds and documents necessary to the issuance and sale thereof by the City, and are also excepted from the Local Public Contracts Law requirements for competitive bidding, pursuant to N.J.S.A. 40A:11-5...
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