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(15) days. A copy of the letter shall be forwarded to the City Administrator <br />(CA). <br /> <br />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 /> <br />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 /> <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 /> <br />F. Negotiation. Throughout this process, every attempt will be made to preserve <br /> the 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 <br />declaring the entity in default and convey the matter to the City Attorney for <br />disposition. <br /> <br />XI. <br /> <br />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 /> <br />XI[. <br /> <br />Funding acknowledgement. For projects financially supported by revolving loan <br />funds the Borrower shall: <br /> <br />A. Acknowledge revolving loan fund support in certain written materials <br /> <br /> <br />