Financial Advisor

BOROUGH OF NEW PROVIDENCE
REQUEST FOR QUALIFICATIONS
FINANCIAL ADVISOR
ISSUE DATE: March 25, 2026
SUBMISSION DEADLINE: April 21, 2026
ADDRESS ALL QUALIFICATION STATEMENTS TO:
OFFICE OF THE BOROUGH CLERK
Municipal Building
360 Elkwood Avenue
NEW PROVIDENCE, NEW JERSEY 07974

GENERAL INFORMATION & SUMMARY
ORGANIZATION REQUESTING QUALIFICATIONS
BOROUGH OF NEW PROVIDENCE
360 ELKWOOD AVENUE
NEW PROVIDENCE, NEW JERSEY 07974
CONTACT PERSON
BERNADETTE CUCCARO, ADMINISTRATOR
908-665-1400
PURPOSE OF REQUEST
The BOROUGH OF NEW PROVIDENCE (the "BOROUGH") is soliciting Qualification
Statements from interested persons and/or firms for the provision of financial Advisory services
as outlined herein for calendar year 2026, as more particularly described herein. Through a
Request for Qualification process described herein, persons and/or firms interested in assisting
the BOROUGH with the provision of such services must prepare and submit a Qualification
Statement in accordance with the procedure and schedule in this RFQ. The BOROUGH will
review Qualification Statements only from those persons and/or firms that submit a Qualification
Statement which includes all the information required to be included as described herein, as
determined in the sole and absolute discretion of the BOROUGH. The BOROUGH intends to
qualify persons and/or firms that (a) possess the professional, financial and administrative
capabilities to provide the proposed services, and (b) will agree to work under the compensation
terms and conditions determined by the BOROUGH to provide the greatest benefit to the
taxpayers of New Providence. The services of successful Respondents may be procured as soon
as May 1, 2026.
DEFINED TERMS
The following definitions shall apply to and are used in this Request for Qualifications:
"BOROUGH" - refers to the BOROUGH OF NEW PROVIDENCE.
"Qualification Statement" - refers to the complete responses to this RFQ submitted by the
Respondents.
"Qualified Respondent" - refers to a Respondent who (in the sole and absolute discretion of
the BOROUGH) has satisfied the qualification criteria set forth in this RFQ.
"RFQ" - refers to this Request for Qualifications, including any amendments thereof or
supplements thereto.
"Respondent" or "Respondents" - refers to the interested persons and/or firm(s) that submit a
Qualification Statement.
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CONTRACT FORM
If selected, a respondent shall be required to execute the BOROUGH'S form contract,
which includes, among other things, indemnification, insurance, termination, and licensing
provisions. A complete copy of a draft BOROUGH form contract is available upon request.
It is also agreed and understood that the acceptance of the final payment by a vendor shall
be considered a release in full of all claims against the BOROUGH arising out of, or by reason
of, the work done and materials furnished under the contract.
REQUIREMENTS OF THE QUALIFICATION STATEMENTS
FOR INSURANCE BROKERAGE SERVICES
1. BOROUGH OF NEW PROVIDENCE FACTS AND FIGURES - The BOROUGH
OF NEW PROVIDENCE is a legal, governmental entity. The BOROUGH was incorporated in
1899 and operates under N.J.S.A 40A:60-1, et seq., the borough form of government. The
BOROUGH is governed by a mayor and borough council. The Borough Council sets policy,
adopts the operating and capital budgets for the BOROUGH, enacts ordinances and sets the
direction of how the BOROUGH OF NEW PROVIDENCE will provide government services.
The Mayor is elected and is the chief executive. The Borough Administrator carries out the
policies adopted by the Mayor and Borough Council.
The BOROUGH's population is approximately 14,000 and it consists of approximately
4 square miles of area. The BOROUGH provides a full range of municipal services.
The BOROUGH's operating budget is approximately $28,000,000.
The BOROUGH has approximately 65 full-time employees and approximately 100
volunteers and part-time employees.
2. NATURE/ SCOPE OF SERVICES - The BOROUGH hereby solicits Qualification
Statements from Respondents that have expertise in providing financial advisory services,
including without limitation consultations with and advice to the Borough Council, assist
Borough staff on matters regarding analysis of proposed capital projects and capital expenditure
budgets; review professional reports and feasibility studies to insure financing issues have been
adequately addressed; develop cash flow models to project the effects of various financing
strategies for proposed projects or programs; review and evaluate innovative financing and/or
investment; assist the Borough staff regarding the Borough's credit rating for both upgrading
and/or maintaining the current credit ratings; assist Borough staff regarding the issuance of debt
and preparation of official statements and evaluation of proposals. Assist with bond arbitrage
calculations. Respondents must demonstrate that they satisfy all professional requirements and
will have the continuing capabilities to perform these services.
3. SUBMISSION REQUIREMENTS - Respondents must have a minimum of five (5)
years of experience in the practice of the specific services described herein. Each Qualification
Statement must clearly indicate the position(s) sought. Respondents should submit a
Qualification Statement that contains the following:
A. The name of the Respondent, the principal place of business and, if different, the
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place where the services will be provided;
B. A description of Respondent's overall experience in providing the type of services
sought in the RFQ. At a minimum, the following information on past experience
should be included as appropriate to the RFQ: (i) description and scope of work
by Respondent; (ii) explanation of perceived relevance of the experience to the
RFQ; and (iii) the education, qualifications, experience, and training of all persons
who would be assigned to provide services along with their names and titles;
C. A narrative statement of the Respondents' understanding of the BOROUGH's
needs and goals;
D. A listing of all other engagements where services of the types being proposed
were provided in the past five (5) years. This should include other municipal
governments and other levels of government. Contact information for the
recipients of the similar services must be provided. The BOROUGH may obtain
references from any of the parties listed;
* A listing of all immediate relatives of the principal(s) of Respondent who are
BOROUGH employees or elected officials of the BOROUGH. For purposes
of the above, "immediate relative" means a spouse, parent, stepparent, brother,
sister, child, stepchild, direct-line aunt or uncle, grandparent, grandchild, and
in-laws;
* A statement that neither the firm nor any individuals assigned to this
engagement are suspended, or otherwise prohibited from professional practice
by any federal, state, or local agency;
* An Affirmative Action Statement (sample language attached);
* A completed Non-Collusion Affidavit (copy of form attached);
* A completed Owner Disclosure Information form (copy of form attached);
* A statement that the Respondent will comply with the General Terms and
Conditions required by the BOROUGH and enter into the BOROUGH's
standard Professional Services Contract;
* A copy of the Respondent's Business Registration Certification; and
* A completed Disclosure Statement (copy of form attached).
4. COST PROPOSAL - Respondents should submit a cost proposal that would include
any proposed retainer, the services to be provided for the retainer, if services will be provided at
a flat rate, if all or any services will be billed through hourly rates and what are the established
rate(s). Further, the proposal shall include commission arrangements with the various companies
the respondent conducts business with. The BOROUGH does not provide payment for
reimbursement for travel expenses.
5. EVALUATION - The BOROUGH has structured a procurement process that seeks to
obtain the desired results described herein, while establishing a competitive process to assure that
each person and/or firm is provided an equal opportunity to submit a Qualification Statement in
response to the RFQ. The BOROUGH will select the most advantageous proposal(s), if any and
as determined in its sole and absolute discretion, based on all of the evaluation factors set forth at
the end of this RFQ. The BOROUGH will make the award(s), if any, that is in the best interest of
the BOROUGH.
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Qualification Statements will be reviewed and evaluated by the BOROUGH and its legal
and/or financial advisors (collectively, the "Review Team"). The Qualification Statements will
be reviewed to determine if the Respondent has met the minimum professional, administrative
and financial areas and other requirements described in this RFQ. Each Respondent must satisfy
the objectives and requirements detailed in this RFQ. The successful Respondent shall be
determined by an evaluation of the total content of the Qualification Statement submitted. Under
no circumstances will a member of the Review Team review responses to an RFQ for an
appointment that he/she or his/her firm submitted a response. Based upon the totality of the
information contained in the Qualification Statement, including information about the reputation
and experience of each Respondent, the BOROUGH will (in its sole and absolute discretion)
determine which Respondents are qualified from a professional, administrative and financial
perspective. Each Respondent that meets the requirements of the RFQ (determined in the sole
and absolute discretion of the BOROUGH) will be designated as a Qualified Respondent and
may then be given an opportunity to provide services to the BOROUGH.
The RFQ process commences with the issuance of this RFQ. It is anticipated that certain
Qualified Respondents will be selected to begin providing services to the BOROUGH as soon as
May 1, 2026. There can be no assurance, however, that any Qualified Respondent will be
selected.
All communications concerning this RFQ or the RFQ process shall be directed, in writing,
to the BOROUGH's designated contact person:
Bernadette Cuccaro, Borough Administrator
BOROUGH OF NEW PROVIDENCE
360 Elkwood Avenue, New Providence, New Jersey 07974
6. RESERVATION OF RIGHTS - The BOROUGH reserves the right to:
a. Not select any of the proposals;
b. Select only portions of a particular Respondent's proposal for further
consideration (however, Respondents may specify portions of a proposal that they
consider "bundled");
c. To supplement, amend or otherwise modify the RFQ through issuance of addenda
to all prospective Respondents who have received a copy of this RFQ, if
necessary;
d. To change or alter the schedule for any events called for in this RFQ upon the
issuance of notice to all prospective Respondents who have received a copy of
this RFQ;
e. To conduct investigations of any or all of the Respondents, as the BOROUGH
deems necessary or convenient, to clarify the information provided as part of the
Qualification Statement and to request additional information to support the
information included in any Qualification Statement; and
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f. To suspend or terminate the procurement process described in this RFQ at any
time (in its sole and absolute discretion). If terminated, the BOROUGH may
determine to commence a new procurement process or exercise any other rights
provided under applicable law without any obligation to the Respondents.
The BOROUGH shall be under no obligation to complete all or any portion of the
procurement process described in this RFQ.
The BOROUGH shall not be obligated to explain the results of the evaluation process to
any person or entity, including, without limitation, any Respondent.
The BOROUGH may require Respondents to demonstrate any services described in their
proposal prior to award.
7. LIMITATIONS - This RFQ is not an offer, order or contract and should not be
regarded as such, nor shall any obligation or liability be imposed on the BOROUGH by issuance
of this RFQ. The BOROUGH reserves the right at the BOROUGH's sole discretion to refuse any
submission. This RFQ does not constitute a Request for Proposal ("RFP") and does not commit
the BOROUGH to issue an RFP.
8. USE OF INFORMATION - Any specifications, drawings, sketches, models, samples,
data, computer programs, documentation, technical or business information and the like
("Information") furnished or disclosed by the BOROUGH to the respondent in connection with
this RFQ shall remain the property of the BOROUGH. When in tangible form, all copies of such
Information shall be returned to the BOROUGH upon request. Unless such Information was
previously known to the respondent, free of any obligation to keep it confidential, or has been or
is subsequently made public by the BOROUGH or a third party, it shall be held in confidence by
the respondent, shall be used only for the purposes of this RFQ, and may not be used for other
purposes except upon such terms and conditions as may be mutually agreed upon in writing.
9. GENERAL TERMS AND CONDITIONS -
A. The BOROUGH reserves the right to reject any Qualification Statement in whole
or in part or to waive any informality in a Qualification Statement, and, unless
otherwise specified by the respondent, to accept any item, items or services in the
proposals should it be deemed in the best interest of the BOROUGH to do so.
B. In case of the failure by a successful respondent to perform, the BOROUGH may
procure the articles or services from other sources, deduct the cost of the
replacement from money due to the respondent under the contract and hold the
respondent responsible for any excess cost occasioned thereby.
C. The respondent shall maintain sufficient insurance to protect against all claims
under Workmen's Compensation, General, Professional and Automobile Liability.
D. Each Qualification Statement must be signed by the person authorized to do so.
E. An original and one copy of the Qualification Statements shall be hand delivered
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or mailed consistent with the provisions of the legal notice to respondents. In
additional a Portable Document Format (pdf.) of the Qualification Statement shall
be emailed to Clerk@newprov.us. In the case of mailed proposals, the
BOROUGH assumes no responsibility for Qualification Statements received after
the designated date and time and will return late Qualification Statements
unopened. Proposals will not be accepted by facsimile. Proposals shall be in a
sealed envelope, marked "Qualification Statement for the Provision of Financial
Advisory Services." To be considered, proposals shall be delivered to or received
by the BOROUGH Clerk no later than 10 a.m. on April 21, 2026.
F. Respondents are required to comply with the requirements of N.J.S.A. 10:5-31 et
seq. See attached Exhibit A.
G. By submission of a Qualification Statement, the respondent certifies that the
service to be furnished will not infringe upon any valid patent, trademark or
copyright and a successful respondent shall, at its expense, defend any and all
actions or suits charging such infringement, and will save the BOROUGH
harmless in any case of any such infringement.
H. No respondent shall influence, or attempt to influence, or cause to be influenced,
any BOROUGH officer or employee to use his/her official capacity in any
manner which might tend to impair the objectivity or independence of judgment
of said officer or employee.
I. No respondent shall cause or influence, or attempt to cause or influence, any
BOROUGH officer or employee to use his/her official capacity to secure
unwarranted privileges or advantages for the respondent or any other person.
J. Should any difference arise between the contracting parties as to the meaning or
intent of these instructions or specifications, the Borough Counsel's decision shall
be final and conclusive.
K. All costs incurred by the Respondent in connection with responding to this RFQ
shall be become solely by the Respondent. The BOROUGH OF NEW
PROVIDENCE shall not be responsible for any expenditure of monies or other
expenses incurred by the Respondent.
L. The checklist, affidavits, notices and the like presented at the end of this RFQ are
a part of this RFQ and shall be completed and submitted as part of a Qualification
Statement.
M. All Qualification Statements shall become the property of the BOROUGH and
will not be returned.
N. All Qualification Statements will be made available to the public at the
appropriate time, as determined by the BOROUGH (in the exercise of its sole and
absolute discretion) and in accordance with law.
O. The BOROUGH may request Respondents to send representatives to the
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BOROUGH for interviews with less than 24 hours advance notice.
P. Neither the BOROUGH, nor their respective staffs, consultants or advisors
(including, but not limited to, the Review Team) shall be liable for any claims or
damages resulting from the solicitation or preparation of the Qualification
Statement, nor will there be any reimbursement to Respondents for the cost of
preparing and submitting a Qualification Statement or for participating in this
procurement process.
Q. If awarded a contract, your company/firm shall be required to comply with the
requirements of N.J.S.A. 10:5- 31 et seq. and N.J.A.C. 17:27
END OF GENERAL INSTRUCTIONS
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BASIS OF AWARD
A contract, if any, shall be awarded based upon the following factors:
EVALUATION FACTORS
A. Relevance and Extent of Qualifications, Experience, Reputation and Training of
Personnel to be assigned
B. Knowledge of the BOROUGH OF NEW PROVIDENCE and the subject matter
to be addressed under this engagement
C. Relevance and Extent of Similar Engagements performed
D. Qualification Statement contains all required information
E. Reasonableness of Cost Proposal
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QUALIFICATION STATEMENT CHECKLIST
THIS CHECKLIST MUST BE COMPLETED, INITIALED, SIGNED AND SUBMITTED
WITH YOUR PROPOSAL. A PROPOSAL SUBMITTED WITHOUT THE
FOLLOWING DOCUMENTS IS CAUSE FOR REFUSAL.
INITIAL BELOW
A. An original and one copy of the Qualification Statements _________
B. Emailed Qualification Statements in a Portable
Document Format (pdf.) ____
C. Non-Collusion Affidavit properly notarized _________
D. Owners Disclosure Statement, properly notarized, listing
the names of all persons owning ten (10%) percent or more
of the proposing entity _________
E. Authorized signatures on all forms _________
F. Business Registration Certificate(s) _________
G. Disclosure Statement _________
H. Affirmative Action Statement _________
I. Russia-Belarus and Iran Form _________
J. Political Contribution Disclosure _________
Note: N.J.S.A 52:32-44 provides that the BOROUGH shall not enter into a contract for goods or
services unless the other party to the contract provides a copy of its business registration
certificate and the business registration certificate of any subcontractors at the time that it
submits its proposal. The contracting party must also collect the state use tax where applicable.
THE UNDERSIGNED HEREBY ACKNOWLEDGES
THE ABOVE LISTED REQUIREMENTS
NAME OF RESPONDENT:
___________________________________________________________________________________
Person, Firm or Corporation
___________________________________________________________________________________
BY: (NAME) (TITLE)
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