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iv. Repayment data; and <br />v. Amortization tables. <br /> <br />Record retention. Ail program and financial records, supporting documents, statistical <br />records, environmental review recordz and other records pertinent to the revolving <br />loan progarn shall be maintained for a period of at least three (3) years from the final <br />project report and project closeout date. <br /> <br />Delin. quenc_v. There shall be a notification procedure for delinquent loanS. <br /> <br /> A. The finance officer is responSible for the timely posting, an~ ofall loan repayments. <br /> <br />B. Thirty day notice. Upon th/rty (30) days .de~uency~ the finance officer will notify <br />the Commun/ty Development Director (.gE~:D) of the d~linquency and the Director <br /> · ~5~-5k~ ...... - ~ ~. <br /> shall send the borrower a del,inOney notf6e mquestirr'~:.payment within fifteen (15) <br /> days. A copy of the.:lette~:.ihall ~'gi'f0r%rda~i~:"the Ci~'-'Administrator (CA). <br /> <br />C. Forty-Ii=e }di~y notice. =,'payment'~as n6~:':been received by the 45m day a second <br /> delinquency.: not/ce:'-'~l'[:.::be seat:~c~:i~l= Borrower by the CDD requesting payment <br /> with/n f~teen (15)!....,days~ A copy of the letter shall be forwarded to the CA. <br /> <br /> - .,'~ i'~ :., <br /> <br />D. SLx-ty day n°tice.-'~ payment has not been received by the 60t~ day, the CDD will <br /> attempt to contact the BorroWer by telephone to the delinquency. The CDD shall <br /> also send a notice of default to borrower via certified ma./1 requesting immediate <br /> payment and advising the borrower the det/nquency will be placed on the EDA <br /> agenda for discussion at the next scheduled meeting. <br /> <br />E. Ninety day notice. If no repayment plan is submitted by the Borrower, or if there is no <br /> attempt by the Borrower to negotiate the amount due, the CDD will contact the CA <br /> and the City Attorney to sending a 90 day letter calling due the loan in full. <br /> <br />F. Negotiation. Throughout this process, every attempt will be made to preserve the <br /> company, the jobs, and the loan funds. <br /> <br />Default. If the EDA determines a loan to be in default it will pass a resolution declaring <br />the entity in default and convey the-matter to the City Attorney for disposition. <br /> <br />Recaotur~d funds. The Ramsey Econorrfic Development Revolving Loan Fund Will serve <br />as the repository for all loan repayments. These recaptured funds are available to other <br /> <br />15 <br /> <br /> <br />