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July 2014 <br />The local government must request permission from the DEED before it can commit to providing funds to <br />any of these organizations. The local government does not have the authority to turn over to another <br />entity, such as Port Authority, Economic Development Authority, Housing Authority, etc. revolving loan <br />funds for any purpose; these entities may administer MIF transactions provided the MIF grantee still <br />maintains control over the RLF. <br />Conflict of Interest <br />Minn. Stat. 471.87 and 471.88 provide guidance on conflict of interest in a MIF transaction. An actual conflict of <br />interest shall be deemed to exist when a decision on a MIF transaction would compromise a duty to another <br />party or if special advantage is deemed to occur. Potential conflict of interests shouldl also be considered. <br />Business Subsidy law <br />As mentioned on page 1, Minn. Stat. 116.1.993 and 116J.994 must be followed in the administration of RLF -State <br />MIF. These sections pertain to the definition of a business subsidy, public purpose of the subsidy, criteria, <br />subsidy agreements, wage and job goals, timing of the project, public notice and hearing requirements, failure <br />to meet goals, and reporting of information regarding the outcomes of the subsidy. <br />Job Listing Requirements <br />Per Minn. Stat. 116L.66, a business that receives grants or loans in an amount greater than $200,000 must agree <br />to list any vacant or new positions related to the financial assistance on the MinnesotaWorks.net job bank <br />website. <br />Prevailing Wage <br />Per Minn. Stat. 116J.871, laborers and mechanics at the project site during construction, installation, remodeling, <br />and repairs must be paid the state prevailing wage if the financial assistance is greater than $500,000 for a loan. <br />�-- All contracts for publicly owned infrastructure using the RLF must comply with the prevailing wage provisions. <br />Data Privacy <br />The provision of any information related to any applications for assistance is guided by Minn. Stat. 13.591, <br />particularly Subd 1 and 2. <br />These operating guidelines provide a summary of how to administer revolving loan funds seeded with <br />repayments from Minnesota Investment Fund loans. Specific transactions and RLF administration should be <br />discussed with your DEED Senior Loan Officer. Other applicable state and federal laws and rules must also be <br />followed. <br />`***4� <br />