Title
Dept/ Agency: Finance
Action: (X ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Professional Service Contract
Purpose: To provide Financial Advisory Services.
Entity Name: Acacia Financial Group, Inc.
Entity Address: 6000 Midlantic Drive, Suite 410 North, Mount Laurel, New Jersey 08054
Contract Amount: Not to exceed $350,000.00
Funding Source: Bond Proceeds
Contract Period: March 1, 2020 through February 28, 2021
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:
The vendor will be paid from Bond Proceeds.
No Certification of Funds is required.
The contract will not exceed $350,000.00 among three (3) vendors.
Failed 7R4-b 030420
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WHEREAS, the City of Newark ( the "City") is in need of 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; as such, those services are professional services, exempt 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 wishes to enter into a professional services contract with Acacia Financial Group, Inc., 6000 Midlantic Drive, Suite 410 North, Mount Laurel, New Jersey 08054 for an amount not to exceed Three Hundred Fifty Thousand Dollars and Zero Cents ($350,000.00), among three (3) vendors. It is expressly agreed that the City is not obligated to expend any monies or incur any expenses under this contract. For specific financing such as bond and/or note issues, the fee will be calculated at a rate of $0.85 per $1,000.00 of par value with a minimum of $15,000.00 for Bonds Financings and a mi...
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