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I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> <br />Further discussion: Coundlmember Kurak inquired as to what land the money will be coming <br />from. Finance Officer Lurid replied that Public Improvement Revolving Fund. City Attorney <br />Goodrich noted that he will be.recommending that the payments be made monthly rather than an <br />annual payment because it is more reliable. Councilmember Kurak questioned the City <br />Attorney's opinion pertaining to the City being a junior lender if they were to defauk. City <br />Attorney Goodrich replied that the City wilI be receiving personal guarantees. Councilmember <br />Kurak inquired as to what would happen if they were to default on the first mortgage. City <br />Attorney Goodrich replied that the City would go for the personal ,,mmrantees. <br /> <br />Motion carded. Voting Yes: Mayor Gamec, Council.members Anderson, Hendriksen, and <br />Kurak. Voting No' Councilmember Zimmerman. <br /> <br />City Council/November 27, 2001 <br /> Page 9 of 22 <br /> <br />-333- <br /> <br /> <br />