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2. MUNICIPAL RIGHTS,POWERS,DUTIES(MS 471.87-471.88) <br /> An officer of the city may not have a personal financial interest or personally benefit financially <br /> from the business to be assisted. <br /> 3. BUSINESS SUBSIDY LAW(MS 116J.993-116J.995). <br /> Any state or local government agency or public entity that provides financial assistance to a business <br /> must comply with this statute. <br /> 4. FIRST SOURCE AGREEMENT(MS 116L.66) <br /> A business that receives grants or loans in an amount greater than$200,000 must agree to list any <br /> vacant or new positions with the MN Department of Employment and Economic Development. <br /> 5. SURETY DEPOSITS REQUIRED FOR CONSTRUCTION CONTRACTS(MS 290.9705) <br /> When a public infrastructure contract exceeds$100,000 and a non-Minnesota construction contractor <br /> has been hired to perform the work,the city must do one of the following: <br /> a. Deposit with the Department of Revenue,8%of every payment made to the contractor;or <br /> b. Have in its possession a Waiver of Withholding from the Department of Revenue. <br /> 6. GOVERNMENT DATA PRACTICES(MS 13) <br /> Information contained in the application for assistance will become a matter of public record with <br /> the exception of those items protected under the Minnesota Government Data Practices Act. <br /> Forgivable Loan Policy and Application FP O N [ R 1 U R <br /> INAWREE] <br /> Page 10 of 20 <br />