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<br />Program records will be maintained by the Community Development staff and <br />financial records will be maintained primarily by the Finance Division. Where <br />applicable, the following records will be maintained: <br /> <br />a. Program records. The following program information will be maintained in the <br />program project file, including but not limited to: <br /> <br />1. Environmental report; <br />11. Eligibility determination records as set forth in Section VIII, Subsection E <br />(1) (a-n); <br />111. Property inspection report; <br />IV. Progress reports; <br />v. EDA Resolutions; <br />VI. Correspondence; <br />Vll. Loan documents; and <br />Vlll. Executed loan agreement. <br /> <br />b. Financial records. The following financial information will be maintained in the <br />financial project file, including but not limited to: <br /> <br />i. Copy of the executed loan agreement; <br />ii. Disbursement data; <br />iii. Progress reports; <br />iv. Repayment data; and <br />v. Amortization tables. <br /> <br />4. 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. 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 />B. 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 />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(15) days. A copy of the letter shall be forwarded to the CA. <br /> <br />30 <br />