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iv. Repayment data; and <br />v. Amortization tables. <br /> <br />Record retention. All program and financial records, supporting documents, statistical <br />records, environmental review records and other records pertinent to the revolving <br />loan program shall be maintained for a period of at least three (3) years from the final <br />project report and project closeout date. <br /> <br />IX. Delinquen. c.y. There shall be a notification procedure for delinquent loans. <br /> <br />A. The finance officer is responsible for the timely posting and of all loan repayments. <br /> <br />Thirty day notice. Upon thirty (30) days delinquency, the finance officer will notify <br />the Finance Director' (FD) of the delinquency and the Director shall send the <br />borrower a delinquency notice requesting payment within fifteen (15) days. A copy <br />of the letter shall be forwarded to the City Administrator (CA). <br /> <br />Forty-five day notice. If payment has not been received by the 45t~ day a second <br />delinquency notice will be sent to the Borrower by the FD requesting payment <br />within fifteen (15) days. A copy of the letter shall be forwarded to the CA. <br /> <br />Sixty day notice. If payment has not been received by the 60th day, the FD will <br />attempt to contact the Borrower by telephone to the delinquency. The FD shall also <br />send a notice of default to borrower via certified mail requesting immediate payment <br />and advising the borrower the delinquency will be placed on the EDA agenda for <br />discussion at the next scheduled meeting. <br /> <br />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 FD will contact the CA and <br />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 />XI. <br /> <br />Recaptured funds. The Ramsey Economic Development Revolving Loan Fund will serve <br />as the repository for all loan repayments. These recaptured funds are available to other <br /> <br /> <br />