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<br />D. 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 <br />payment and advising the borrower the delinquency will be placed on the EDA <br />agenda for discussion at the next scheduled meeting. <br /> <br />E. Ninety day notice. If no repayment plan is submitted by the Borrower, or if there is <br />no attempt by the Borrower to negotiate the amount due, the FD will contact the CA <br />and 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 />X. 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. 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 />applicants for utilization as gap financing for certain approved economic development <br />projects. The revolving loan fund shall be administered by a financial management <br />system in compliance with all state and federal requirements~ <br /> <br />XII. Funding acknowledgement. For projects financially supported by revolving loan funds <br />the Borrower shall: <br /> <br />A. Acknowledge revolving loan fund support in certain written materials including <br />company brochures, reports, newsletters, and press releases; and <br /> <br />B. On the building or expansion construction site post a sign acknowledging <br />financial support from the State of Minnesota and the City of Ramsey. <br /> <br />XIII. Guidelines for the regulation of State Economic Development Revolving Loan Funds. <br /> <br />A. General. The following rules, regulations, policies, and procedures govern state <br />economic development revolving loan funds. <br /> <br />B. Incorporation by Reference. The dissemination, use, and regulation of state economic <br />development revolving loan funds shall be generally governed by guidelines <br />including: <br /> <br />1. The Minnesota Investment Fund (MS.116J.8731). <br /> <br />31 <br />