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(15) days. A copy of the letter shall be forwarded to the City Administrator <br /> (CA). <br /> C. Forty-five day notice. If payment has not been received by the 45th day a <br /> second delinquency notice will be sent to the Borrower by the FD requesting <br /> payment within fifteen (15) days. A copy of the letter shall be forwarded to <br /> the CA. <br /> D. Sixty day notice. If payment has not been received by the 60th day, the FD <br /> will attempt to contact the Borrower by telephone to the delinquency. The <br /> FD shall also send a notice of default to borrower via certified mail <br /> requesting immediate payment and advising the borrower the delinquency <br /> will be placed on the EDA agenda for discussion at the next scheduled <br /> meeting. <br /> E. Ninety day notice. If no repayment plan is submitted by the Borrower, or if <br /> there is no attempt by the Borrower to negotiate the amount due, the FD will <br /> contact the CA and the City Attorney to sending a 90 day letter calling due the <br /> loan in full. <br /> F. Negotiation. Throughout this process, every attempt will be made to preserve <br /> the company, the jobs, and the loan funds. <br /> X. Default. If the EDA determines a loan to be in default it will pass a resolution <br /> declaring the entity in default and convey the matter to the City Attorney for <br /> disposition. <br /> XI. Recaptured funds. The Ramsey Economic Development Revolving Loan Fund <br /> will serve as the repository for all loan repayments. These recaptured funds are <br /> available to other applicants for utilization as gap financing for certain approved <br /> economic development projects. The revolving loan fund shall be administered <br /> by a financial management system in compliance with all state and federal <br /> requirements. <br /> XII. Funding acknowledgement. For projects financially supported by revolving loan <br /> funds the Borrower shall: <br /> A. Acknowledge revolving loan fund support in certain written materials <br />