Title
Dept/ Agency: Finance
Action: (X) Ratifying (X) Authorizing ( ) Amending
Type of Service: Professional Service Contract
Purpose: To provide 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: Bond Proceeds
Contract Period: July 10, 2020 through July 9, 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 City is not obligated to expend any monies or incur any expenses under this contract.
The Vendor will be paid from Bond Proceeds.
No Certification of funds is required.
body
WHEREAS, the City of Newark (the "City") is in need of Municipal Financial Advisors to counsel and assist the City on bond and note issuance, sales and auctions, and other financial matters; and
WHEREAS, 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 NW Financial Group, LLC, 2 Hudson Place, Hoboken, New Jersey 07030, for an amount not to exceed Three Hundred Fifty Thousand Dollars and Zero Cents ($350,000.00). 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 $1.00 per $1,000.00 of par value with a minimum of $7,500.00 for Bond Financings and Note Financings of the principal amount financed payable at the closing of the...
Click here for full text