Asbury Park


Appointing Acacia Financial Group, Inc. To Serve as Financial Advisors for the City, and Authorizing the Execution of an Agreement for Professional Services Associated Therewith


Department:City ClerkSponsors:
Category:Reorganization Resolutions


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              WHEREAS, the City of Asbury Park (the “City”) desires to appoint a Financial Advisor for the City during the year 2018; and


WHEREAS, the Mayor and Council have determined to appoint the firm of Acacia Financial Group, Inc., to serve in this capacity for the year 2018; and


              WHEREAS, the City’s Chief Financial Officer has determined and certified in writing that the value of the contract associated with the Financial Advisor’s services shall exceed $17,500.00, and therefore that the contract is subject to the provisions of the State’s Local Unit Pay-to-Play Law, N.J.S.A. 19:44A-20.4, et seq. (the Pay-to-Play Law); and


WHEREAS, in prior years the City determined to award a contract for these services through a “fair and open” process, pursuant to and in accordance with the Pay-to-Play Law, which process is consistent with the requirements prescribed in the Memorandum of Understanding executed between the City and the State Division of Local Government Services (“DLGS”) concerning the transitional aid that is received by the City on an annual basis; and


              WHEREAS, the DLGS has provided its consent to permit the City to appoint and retain the Financial Advisor in 2018 without undertaking a new “fair and open” process so long as the Financial Advisory shall not charge the City at rates higher than those charged by the firm in 2017; and


WHEREAS, Acacia Financial Group, Inc. has agreed to abide by this requirement; and


WHEREAS, the anticipated term of this contract is for a twelve (12) month period, commencing on January 1, 2018, and expiring on December 31, 2018, or until a successor has been duly appointed and qualified; and


              WHEREAS, said contract may only be renewed upon further action of the City Council; and


              WHEREAS, the services to be provided are considered to be “professional services” under the Local Public Contracts Law, N.J.S.A. 40A:11-1, et seq.; and


              WHEREAS, the City’s Chief Financial Officer has certified the availability of funds for said contract.


              NOW, THEREFORE, BE IT RESOLVED, by the Mayor and Council of the City of Asbury Park, in the County of Monmouth, State of New Jersey, as follows:


1.              The firm of Acacia Financial Group, Inc. is hereby appointed to serve as the Financial Advisor for the City for 2018.


2.              The Mayor is hereby authorized to execute, and the City Clerk attest, the attached Agreement between the City of Asbury Park and Acacia Financial Group, Inc., for the year 2018, or one which is substantially similar thereto and which meets with the approval of the City Attorney.


3.              Said contract is awarded as a “professional service” contract in accordance with N.J.S.A. 40A:11-5(1)(a) of the Local Public Contracts Law because the services will be performed by a person authorized by law to practice a recognized profession.


4.              Said contract has been awarded through a restricted (a/k/a, “non-fair and open”) process, pursuant to and in accordance with the Pay-to-Play Law, and further in accordance with the approval received from the DLGS.


5.              Notice of the adoption of this Resolution shall be published in a newspaper of general circulation within the City.


6.              A certified copy of this Resolution shall be provided to each of the following:


a.              Acacia Financial Group, Inc.

b.              Michael N. Capabianco, City Manager

c.              JoAnn Boos, CMFO, Chief Financial Officer

d.              Director of the N.J. Division of Local Government Services

e.              Edward Sasdelli, Fiscal Monitor


Meeting History

Jan 3, 2018 7:00 PM  Municipal Council Organizational Meeting
MOVER:Eileen Chapman, Councilmember
SECONDER:Amy Quinn, Deputy Mayor
AYES:Eileen Chapman, Jesse Kendle, Amy Quinn, John Moor
ABSENT:Yvonne Clayton

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