Financial Consultant Services

THE CITY OF UNION CITY

REQUEST FOR PROPOSALS FOR FINANCIAL CONSULTANT SERVICES

Introduction

The City of Union City is requesting qualifications and proposals in response to this Request for Proposals (“RFP”) from individuals who wish to provide Financial Consultant Services as directed by the Board of Commissioners or other appropriate official within the City for a contract period from January 1, 2026 through December 31, 2026.  The City reserves the right to extend the contract for up to four (4) additional (1) year periods at the discretion of the City upon the same terms and conditions, and in accordance with applicable law. The City seeks Proposals in accordance with the Competitive Contract Procedures (N.J.S.A. 40A:11-4.1 et seq.).

Required Services:

The successful proposer will engage in/be responsible for, but not be limited to, the following activities:

1. Appointment Financial Advisory Services Consultant:  A Financial Advisory Services Consultant shall be appointed by the Mayor and Commissioners for a term of one (1) year.  The Board of Commissioners may appoint an individual or firm as the consultant.
   
   
2. Compensation:  Compensation as agreed upon and approved by the Commissioners shall be the basis of payment for services rendered.
   
   
3. Duties and Responsibilities:  Financial Advisory Services Consultant shall Perform such duties and provide professional services customarily provided by a financial advisor to a governmental entity the size and scope commensurate to that of the City of Union City and shall include advice and assistance with respect to debt financings and other financial issues contemplated by the City including:
   (a)       assistance in determining the amount, size and timing of borrowings contemplated by the City  for its capital program and as a conduit for other borrowings;
   (b)       assistance in formulating the credit structure, maturity schedule, call provisions and other terms and conditions of debt offerings, as required for any other offering;
   (c)       assistance in deciding whether each issue can and/or should be sold on a negotiated, competitive, or private placement basis;
   (d)       preparation of necessary legal documents concerning debt transactions;
   (e)       preparation of official statements, including ongoing updating of demographic data and financial statistics included therein;
   (f)        preparation of Local Finance Board applications for financings and presentation of such applications to the Board, if required;
   (g)       preparation and presentation of timely and adequate information on proposed financings to the bond rating agencies to obtain the most favorable rating for each financing; to include the maintenance of a regular relationship between the City  and the rating agencies for purposes of improving the process of obtaining ratings;
   (h)       evaluation of the terms and recommendations to the City for acceptance, rejection or renegotiation with respect to sale bids or final pricing as applicable;
   (i)        preparation and presentation of timely and adequate information on proposed financings to institutions providing credit enhancements;
   (j)        determining if there are any benefits of utilizing credit enhancement to lower debt service costs;
   (k)       assistance with development of a comprehensive arbitrage rebate planning and filing program for the City, when applicable;
   (l)        a review of credit worthiness of the security for each debt financing;
   (m)      coordination of the activities of professionals on the financing team for a transaction, including preparation of schedules; and
   (n)       assistance in the selection of and negotiation with investment banks as to the terms of any agreement for provision of underwriting services.
   
   
4. Preparation of Reports and Analysis:  When directed, the consultant shall provide the services necessary to prepare and provide detailed reports as requested concerning matters pertaining to the engagement.  These services include, but are not limited to, providing summary reports of any debt issuances, preparation of debt service schedules for all outstanding debt, assistance in arrangements for investment of proceeds, and monitoring all outstanding debt.
   
   
5. Judicial and Quasi-Judicial Proceedings:  When directed or subpoenaed in connection with the product(s) provided pertaining to the engagement, the consultant shall provide the services necessary to prepare for giving testimony and shall provide such testimony as required.

Proposers should set forth in their proposals how the above services are to be accomplished and how the fees for those services will be paid. This includes identification of those fees which will be the direct responsibility of the City, as well as any materials and/or equipment which the City will be responsible for providing (if any). Proposers should also set forth what facilities they have available to provide the services.

Additional Requirements:

Each candidate shall submit proof of business registration with the New Jersey Division of Taxation (P.L. 2004, C.57) within the time permitted by law.  The registration must be effective as of the time and date for the submission of proposals.

The successful candidate shall be required to comply with the following insurance requirements:

a.     The Contractor shall be required to carry full insurance including comprehensive general liability; workman’s compensation insurance; which shall cover all operations of the Contractor, its employees, agents and servants hereunder, and; motor vehicle and equipment used by the Contractor in connection with the Contractor’s operations under the Contract; Contractor shall provide  professional liability (errors& omissions) insurance for claims arising from any negligent performance of contractors’ services pursuant to the agreement in the amount of $1,000,000 per claim.  Said insurance, by endorsement, shall fully protect the City of Union City from liability.

b.     Certificates naming the City of Union City as an additional named insured, and evidencing such insurance coverage, shall be filed with the City Clerk prior to the commencement of operations hereunder by the Contractor.

The following Certificates of Insurance must be furnished:

I.   Worker’s Compensation;

Part Two – Statutory

II.   Comprehensive General Liability:

A.   Minimum limits: $1,000,000.00;

Combined Single Limit Coverage to include: Premise / Operations; Independent Contractors;

Product / Completed Operations;

Contractual; Personal Injury;

Broad Form Property Damage;

City of Union City as additional insured.

B:   Comprehensive General Liability must be maintained for at least one year after completion of the contract

and its acceptance by the City of Union City.

III.        If applicable, Professional Liability insurance in the amount of not less than $1,000,000.

The certificate of insurance shall designate the City of Union City as an additional insured and shall contain a thirty (30) day notice of cancellation whereby the City Clerk will be provided with a written notification of cancellation.  Said insurance must be paid for a minimum of six (6) months into the contract period at the time of the contract.

It is understood and agreed that the Contractor is an independent Contractor and not an employee of the City of Union City.

The Contractor agrees to indemnify and hold harmless the City of Union City, the Board of Commissioners of the City of Union City, and all of its officers, agents and employees of and from any and all liability for damages for injury to person and property, including death and against and from all suits and actions and all costs, damages and change of whatsoever kind of nature, including attorneys’ fees to which the City of Union City maybe put for or on account of any injury or alleged injury to person, including death, or property, resulting from the performance of the Contractor’s operations under this Contract, or by or in consequence of any neglect or omission on the part of the Contractor in the performance of operations under the Contract, whether such operations, or in the absence thereof, be by the Contractor or anyone directly or indirectly employed by or providing services on behalf of the Contractor.

The Contractor shall hold the City of Union City harmless for damages to the Contractor’s Equipment utilized during the term of this Contract.

The successful Contractor shall be required to execute the form of hold harmless agreement attached hereto.

Programs of self-insurance are not acceptable.

Professional Information and Qualifications

Copies of this standardized submission requirements and selection criteria are on file and available from the Office of the City Clerk.  Each interested candidate shall submit the following information within the time permitted by law:

1. Name of firm, business organization, shareholders and directors with more than a ten per cent interest in the organization;
   
   
2. Any licenses, authorizations, and/or certifications held by the Proposer or employees of the Proposer (provide copies of all documents);
   
   
3. Address of principal place of business and all other offices and corresponding telephone and fax numbers for all individuals assigned to perform the services;
   
   
4. Description of the Proposer’s qualifications, number of years in business and a description of their experience with services similar to those described above.  This includes a similar description for all key personnel. Demonstrate ability to comply with requirements in “Required Services” section of this RFP;
   
   
5. Experience in providing similar services for municipalities in New Jersey, including a description of the services you propose to provide to the City to successfully implement the services;
   
   
6. At least three (3) references, two (2) of which must have knowledge of your service to public entities;
   
   
7. The organization’s ability to provide the services in a timely fashion (including staffing, familiarity and location of key staff);
   
   
8. Detailed cost proposal. Provide cost details, including rates and fees, broken down into specific services to be provided (if applicable), a flat fee or fee schedule, the names of each of the individuals who will perform the services and all expenses and costs for which the City will be responsible.  Also advise as to what facilities, materials and equipment the City will be responsible for providing (if any);
   
   
9. Any other information which the interested organization deems relevant;
   
   
10. Statement concerning Ethics Complaint (copy attached);
    
    
11. Statement of Ownership Disclosure (c.52:25-24.2) (copy attached);
    
    
12. Non-Collusion Affidavit (copy attached);
    
    
13. Proof of business registration with the New Jersey Division of Taxation (P.L. 2004 c. 57) (prior to award of contract);
    
    
14. If required by the City, criminal background check for all persons who will be assigned to provide services under this contract shall be provided to the City after the contract is awarded and the contract is contingent upon receipt by the City of satisfactory background checks;
    
    
15. Disclosure of Investment Activities in Iran form (prior to award of contract. Form attached); and
    
    
16. Certification of Non-Involvement in Prohibited Activities in Russia or Belarus form (prior to the award of contract. Form attached).

Evaluation of Proposals/Selection Criteria:

It should be understood by each company submitting a proposal that the City must select a proposal that not only meets and conforms to the scope of work included in the RFP, but also offers clear and reasonable assurances of successfully meeting the City’s needs.  The criteria that will be considered in evaluating proposals are the criteria detailed in the table below.  They are weighted based on importance to the City.  The points awarded range from 0 to 5, with 5 being the highest score and 0 the lowest score.  After the points are awarded by the evaluator, the weighting factor will be applied and a total score will be calculated, which will then be recommended to the Board of Commissioners for the award of the contract.  Each area of the evaluation should be addressed in detail in the company’s proposal.  The criteria are as follows:

A contract, if awarded, shall be awarded as permitted by N.J.S.A. 40A:11-4.5 The City reserves the right to waive any informalities in, and/or reject any and all proposals as may be permitted by law. Under no circumstances shall the provisions of a proposal be subject to negotiation by the City.

Submission Requirements

Sealed RFPs will be publicly opened by the City Clerk in Union City Hall, 3715 Palisade Avenue, Union City, at 9:15 A.M. on February 12, 2026.  Proposals must be received no later than 9:15 A.M. on February 12, 2026 by:

Hilda Rosario

City Clerk

City of Union City

3715 Palisade Avenue

Union City, New Jersey 07086

Please submit one original and two (2) copies of the RFP.  Use white 8 ½” x 11” paper.

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