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265 <br />266 <br />267 <br />268 <br />269 <br />270 <br />271 <br />272 <br />273 <br />274 <br />275 <br />276 <br />277 <br />278 <br />279 <br />280 <br />281 <br />282 <br />283 <br />284 <br />285 <br />286 <br />287 <br />Section 6. Su�ety Deposits Requi�ed fo� Const�uction Cont�acts (MS <br />290.9705) <br />In the situation that the loan exceeds �100,000 and a non-M�nnesota construction <br />contractor has been hired to perform the work, the city must do one of the following: <br />a) Deposit with the Department of Revenue, 8 percent of every payment made to <br />the contractor; or <br />b) Have in its possession a Waiver of Withholdingfrom the Department of <br />Revenue. <br />Section 7. Financial Assistance Limitations: P�evailing Wage. (MS <br />116J. 871) <br />Laborers and mechanics at the project site during construction, installation, remodeling <br />and repairs must be paid the state prevailing wage if the loan is greater than $500,000. <br />Section 8. Government Data Practices (MS 13) <br />Information contained in the application for assistance will become a matter ofpublic <br />record with the exception of those items protected under the Minnesota Government Data <br />Practices Act. <br />Roseville Business Loan Policy <br />Page 7 <br />