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The local government must request permission from the DEED before it con commit to providing funds to <br /> ony 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 should also be considered. <br /> Business Subsidy Law <br /> As mentioned on page 1, Minn. Stat. 116.1.993 and 116.1.994 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, <br /> remodeling, and repairs must be paid the state prevailing wage if the financial assistance is greater than <br /> $500,000 for a loan. All contracts for publicly owned infrastructure using the RLF must comply with the <br /> 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 /> July,2014 3 <br />