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
body
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 authorization by the Newark Municipal Council; and
WHEREAS, the Director of Finance/Chief Financial Officer recommends to the Municipal Council that it is in the best interests of the City of Newark to maintain a pool of qualified Financial Advisors for the period of January 1, 2016 through December 31, 2016; and therefore recommends that the current contracts be renewed and awarded to two (2) Financial Advisors - 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, in an amount not to exceed $350,000.00 between both Financial Advisors; and
WHEREAS, a Financial Advisor will be chosen from the pool of qualified Financial Advisors when the City of Newark is in specific need of Financial Advisory Services related to a particular Bond Anticipation Note or a Qualified Bond Sale; and
WHEREAS, any and all fees to be paid to the chosen Financial Advisor will be paid from the Bond Anticipation Note or Qualified Bond proceeds and be paid at closing of said Bond Anticipation Note or Qualified Bond Sale; and
WHEREAS, the Local Public Contracts Law (N.J.S.A. 40A:11-1 et seq.), requires that notice of the award of contracts for “Professional Services” without public bidding must be published in a local newspaper; and
WHEREAS, this contract is for an amount over $17,500.00 and is being awarded as a fair and open contract pursuant to N.J.S.A. 19:44A-20.5; and
WHEREAS, the Municipal Council adopted the Contractor Pay-to-Play Reform Ordinance, R.O. 2:4-22C, which forbids the award of a contract to a Business Entity, as defined therein, which has made or solicited political contributions to Newark Municipal Candidates, office holders having ultimate responsibility for the award of a contract; candidate committees of the aforementioned candidates; and political or political party committees of the City of Newark or County of Essex; and continuing political committees or political action committees regularly engaged in the support of the City of Newark municipal or County of Essex elections; and certain other political party or candidate committees, in excess of certain thresholds.
NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
1. The Financial Advisory Pool is approved for the City of Newark for the period of January 1, 2016 through December 31, 2016.
2. The Municipal Council hereby ratifies its authorization of the contracts from January 1, 2016 to the date of adoption of this authorizing resolution.
3. The Mayor of the City of Newark and or his designee, the Director of Finance/Chief Financial Officer, are hereby authorized and directed on behalf of the City of Newark to execute a contract with each of 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, as Financial Advisors for the City of Newark for the period of January 1, 2016 through December 31, 2016, for an amount not to exceed $350,000.00 for two (2) vendors.
4. No municipal funds will be required for the contracts, because the Financial Advisor(s) will be paid from Bond Anticipation Note or Qualified Bond proceeds at closing of said Bond Anticipation Note or Qualified Bond Sale.
5. Certified copies of the fully executed contracts shall be filed with the City of Newark Municipal Clerk by the Director of Finance/Chief Financial Officer of the City of Newark.
6. A notice of the award of the contracts shall be published in the newspaper authorized by law to publish a legal advertisement and as required by law within ten (10) days of the adoption of this Resolution.
STATEMENT
Resolution approving and ratifying a pool of Financial Advisors for the City of Newark for the period of January 1, 2016 through December 31, 2016 and awarding 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, for an amount not to exceed $350,000.00 for two (2) vendors.