File #: 17-0301    Version: 1 Name: Resolution Creating Financial Advisory Pool and awarding contract to two (2) vendors
Type: Resolution Status: Adopted
File created: 2/17/2017 In control: Finance
On agenda: 4/5/2017 Final action: 4/5/2017
Title: Dept/ Agency: Finance Action: (X) Ratifying (X) Authorizing ( ) Amending Type of Service: Professional Service Contract Purpose: Financial Advisory Pool Entity Name: NW Financial Group, L.L.C., and Terminus Municipal Advisors, LLC. Entity Address: 2 Hudson Place, 3rd Floor, Hoboken, New Jersey 07030 and 3715 Northside Parkway NW, Suite 4-220, Atlanta, Georgia 30327 Contract Amount: Amount not to exceed $350,000.00, for two (2) vendors Funding Source: Bond Proceeds Contract Period: January 1, 2017 through December 31, 2017 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:
Sponsors: Council of the Whole
Title
Dept/ Agency: Finance
Action: (X) Ratifying (X) Authorizing ( ) Amending
Type of Service: Professional Service Contract
Purpose: Financial Advisory Pool
Entity Name: NW Financial Group, L.L.C., and Terminus Municipal Advisors, LLC.
Entity Address: 2 Hudson Place, 3rd Floor, Hoboken, New Jersey 07030 and 3715 Northside Parkway NW, Suite 4-220, Atlanta, Georgia 30327
Contract Amount: Amount not to exceed $350,000.00, for two (2) vendors
Funding Source: Bond Proceeds
Contract Period: January 1, 2017 through December 31, 2017
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:

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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, NW Financial Group, L.L.C. and Terminus Municipal Advisors, LLC are financial advisors with proven experience and reputation in their practice and a specific expertise in issues involving municipal government bond matters; and

WHEREAS, it is in the best interest to the City of Newark to award a contract to NW Financial Group, LLC and Terminus Municipal Advisors, L.L.C.; 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, 201...

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