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File #: 16-0756    Version: 1 Name: Resolution to renew Financial Advisor contracts
Type: Resolution Status: Adopted
File created: 4/27/2016 In control: Finance
On agenda: 6/15/2016 Final action: 6/15/2016
Title: Dept/ Agency: Finance Action: (X) Ratifying (X) Authorizing ( ) Amending Type of Service: Professional Service Contract Purpose: Financial Advisory Services Pool Entity Name: 1). NW Financial Group, LLC and 2). Terminus Municipal Advisors, LLC Entity Address: 2 Hudson Place, Hoboken, New Jersey 07030 and 3715 Northside Parkway NW, Suite 4-220, Atlanta, Georgia 30327 Contract Amount: $350,000.00 Funding Source: Bonds/Notes Contract Period: January 1, 2016 through December 31, 2016 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: Renewal of prior years' contract as stated in Resolution 7R5-b adopted on May 6, 2015 Contract amount of $350,000.00 is between both vendors
Sponsors: Council of the Whole
Title
Dept/ Agency: Finance
Action: (X) Ratifying (X) Authorizing ( ) Amending
Type of Service: Professional Service Contract
Purpose: Financial Advisory Services Pool
Entity Name: 1). NW Financial Group, LLC and 2). Terminus Municipal Advisors, LLC
Entity Address: 2 Hudson Place, Hoboken, New Jersey 07030 and 3715 Northside Parkway NW, Suite 4-220, Atlanta, Georgia 30327
Contract Amount: $350,000.00
Funding Source: Bonds/Notes
Contract Period: January 1, 2016 through December 31, 2016
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:
Renewal of prior years' contract as stated in Resolution 7R5-b adopted on May 6, 2015
Contract amount of $350,000.00 is between both vendors
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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 regard 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 maintained a pool of qualified Financial Advisors from January 1, 2015 through December 31, 2015; and

WHEREAS, the City of Newark awarded a contract to NW Financial Group, LLC 2 Hudson Place, Hoboken, New Jersey 07030 and Terminus Municipal Advisors, LLC, 3715 Northside Parkway NW, Suite 4-220, Atlanta, Georgia 30327; and

WHEREAS, both contracts were awarded with an option to renew and/or extend for an additional term not to exceed one (1) year, subject to approval and au...

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