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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 />Delinquency. 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 th~ 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 t6 the City A~dministrator (CA). <br /> <br />C. Forty-five day notice. If payment has not been received' by the 45th day a second <br /> delinquency notice will be sent to the Borrower by the FD requesting payment <br /> within fifteen (I5) days. A copy of.the letter shall be forwarded to the CA. <br /> <br />D. Sixty day notice. If payment. has n°t 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 t° 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 />Negotiation. Throughout this process, every attempt will be made to preserve the <br />company, the jobs, and the loan funds. ~ <br /> <br />XI. <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 />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 />9 <br /> <br />22 <br /> <br /> <br />