reaches, and authorizes to approve anything needed for a project contingency of 223% of the original contract price. should they also call item 15 as well? >> i think you should. did >> an increase of 17% to the existing 10% for the construction contract pipeline and authorize the general manager to approve any accumulative contract associated with circumstances of to 27% of the original contract price. >> in the interest of time, i can take questions, or if you want me to summarize further, i can do that, too.

>> i will second that. >> any questions or comments on this item? all those in favor? thank you. next item, mr. secretary. >> the information you provided was helpful, and that is what makes it possible. >> the regional construction services to c.h.p. for additional services associated with restoration science within the sunol valley region and increasing the agreement for a total not to exceed $19 million,

provided that expenditures shall be limited to pre-construction of a nativity until such time as the commission views and considers the final environmental documents and determines whether or not to approve the proposed project subject to supervisors' approval. amendment no. 1 for the agreement for additional construction services associated with habitat restoration sites within the peninsula region to execute this amendment, increasing the agreement for a total of $26 million, provided expenditures should be limited until such time as the commission considers environmental documents and determines whether or not to approve the proposed project. items 16 and 17.

>> public comment? >> aye. >> so we return to item 14? >> the principal amount of $600 billion in bonds to fund water improvement programs and subject to the approval of the board of supervisors to authorize the delivery of related documents authorizing the general manager to sell bonds on competitive negotiated basis of the general manager determines the best interest, delegating to the general manager authorization to reward bonds to the highest

manager and also authorizing the resolution to the board of supervisors, of addressing the issue cannot expand the principal amount, provided that such bonds shall be subject to the terms and adopting findings for the quality act. also providing a 3% threshold. >> i am before you again as part of what we're doing for the water system improvement program. in your packet is a great deal of information.

we have sold $2 billion in loans. this would be doing another a up to $600 million in your packet. a continuation of existing strategies. we always try to go to market with the cheapest debt. the assets we are funding have 65 or 70 years. sometimes more.

savings of 1% under our 5% planning. the reason i should say we are timing this in december as opposed to january -- congress has not removed the 35% interest rate, so this would allow them to capture more savings, and that is significant for our customers. the saving is about $10 million. the overview financing authorities -- what is before you is consistent with ordinance 189.

we will be going by to the board next week. this outlines the projected program, 83 programto 85 cents for the project. the rest goes to cross -- costs such as construction that has been the case since the financial market melted in 2008. that is noted as a strength. your package was so large " because it contains these

resolutions. the official notice of sale, the notice of intention of sale, a custody agreement, and one more thing i want to make sure to talk to you about as well is that we have handed out an update of things that turn new information that we want to make sure we bring to you. what this does is of dates the official -- updates the official packet with the information she gave you. it also of its various tables for additional audits -- updates various tables for additional

audit information. it includes a very wet october. the city attorney's office has provided an update to the proposition, and lastly, we have updated some entitlement information, so everything we typically do and you delegate to the staff to make various updates as long as they are reviewed with the city attorney. and i will see if she has any other comments. >> i would like to point out there is a typo showing the

resolution approved $500 million in bonds, whereas we are asking you to approve six. i want to make sure we got that on the record so it will be corrected. good >> it is correct every place except page 3, line 10, where it is a five instead of a six. i am so sorry about that. >> questions. >> one other of state i would like to provide for you -- update i would like to provide for you is the last slide. there is not a market available right now. our credit rating is so high, it is higher than most bond insurers with the exception of

one, and we have an equal raging. the only one that was not insured was warren buffett, and he is no longer writing insurance on municipal bonds. because we are a strong rating, you do not need to buy additional ratings. they have chosen not to buy it either. we think there will be a normalization over the next couple years, so i want to make sure you are aware of that, and lastly, the private use. because we sell a portion of the water to california walker, we are always making sure we are selling a small amount of taxable commercial paper to make sure we provide regulation.

we are really on track, and i think there are additional savings for rate-payers. >> thank you so much. >questions or comments devlin -- or comments? >> they have to buy everything or nothing. bring the checkbook. i would also like to acknowledge mark. he is the debt manager who does the heavy lifting. if i could have the public manager rise, too. >> thank you very much barry and -- very much. >> team effort.

we really appreciate it. is there a motion? >> i think we have reached the circumstances were the documents way more than i do, and i need to go on a diet, so i guess that is a commendation. >> all those in favor? >> aye. >> where are we? >> we will now move into closed session. the first item will be if there is any public comment on closed session. >> any public comment on closed session? hearing none, we will move to a closed session. >> i will move. >> is there a second?

>> if you would give me a moment, item 20 related to the chief of security concerning water and power, legal counsel, existing litigation, court of appeals for the state of california first appellate california first appellate district, filed in january 29, >> i will move not to disclose. >> is there any additional new business experts -- new business? president vietor: i would like to take a short moment because

the believe michael's mother passed. african have a few moments of silence on her behalf, i would appreciate it. -- if we can have a few moments of silence on her behalf, i would appreciate it. please pass onto mr. carlin our sympathies and condolences. >> madame president, you may request a motion to adjourn if there is no other business. >> so moved. president vietor: meeting adjourned.

>> welcome to "culture wire."

the director will introduce you to the man behind one of san francisco's most anticipated music festivals. ♪ >> welcome to "culture wire." with me today is the founder and financier behind the hardly strictly bluegrass festival. tell me about what inspired you to have the festival. >> i am flattered that you would want to listen to me. now you are going to have to. i had a sort of fantasy for a lot of years that it would be really fun to put on a bluegrass festival. i have a friend named jonathan

nelson. we were skiing one weekend. i told him about my fantasy. he said that i should do it. dawn holliday and sherry sternberg. the four of us had lunch. he said we would start a festival. that was the genesis. it was not anything more complicated than that. in my own defense, and was not yet playing the banjo -- i was not yet played the banjo. the ulterior motive i was accused of did not exist yet. >> i would have thought it was because of your interest in the music and the instrument of the banjo that you play with a lot of love and enthusiasm. i would have thought that would lead to the founding of the festival. >> i have loved the music. much of my life. i really love the old time

music. >> you mentioned dawn holliday. she works with you collecting the older music. >> she basically organizes the whole thing'. she decides who is going to be on. they have incredibly great bands opposite each other. i always worry about that, but she tells me not to. >> this has really grown in the number of participants. >> she kept asking what i would do about it and i kept saying nothing. i do not want to change anything. i love it the way it is. i know it creates traffic jams, but so what? there ought to be something we can do once a year where there is a little bit of suffering a lot of pleasure. >> you have a band.

>> the wronglers. i think this is our third or fourth year in the festival. the first year was spectacular. the band had played together less than a year at that point. this stage manager said he could give us 10 more minutes. i told him we did not know anything else. [laughter] so far, we have not had to audition for it. that may give them the idea. >> one thing that fascinated me is that it seems so incongruous to consider someone with your background that is ultimately the driving force behind this fabulous music festival. >> i guess this sort of shirtsleeves to shirtsleeves in one generation.

i went to cal and went away for 28 years. i always wanted to come back. it turned out there was a wonderful moment in time when three of my four for children were living here. now all four do with their children. i thought there was a real opportunity. i wanted to start a new financial firm. it was a wonderful opportunity to do it in san francisco. i get to do business with people i do not the test. [laughter] >> you established your firm here. he reestablished your family roots here. -- you reestablished your family roots here. you used this festival as a way to give back to the community even more. >> the theory of that was that we would have a concert for the middle school kids. we bust in nearly all of the middle school kids from san francisco and now from around the bay area.

the kids love it. the letters i get are very endearing. school volunteers and the school districts are really into it. there is a lot of collaboration. >> i have this image in my mind of you as the biggest fan of the hardly strictly bluegrass festival. what are some of the highlights for you over the last 10 years? >> they are sort of the nostalgic highlights. every year at the end, when in the low harris -- emmylou harris closes the festival and someone else opens the festival. i always call them the heart and soul of the festival. those are wonderful must object moments. having a chance to listen up close to some of the greats. those are some of the great emotional moments.

there's always one moment that is so bizarre. 3 or four years ago i was sitting out front listening to emmylou harris. she was very stylishly dressed. i turned to her making conversation. i said there was a strong smell of pot and she asked if i wanted some. [laughter] the following year my wife said there was an elderly gentleman old banjos. he was a very nice man sitting on the ground. he said he understood that i like old benches. he said he had three that he would like to show me. he said he understood that i liked white ladies. he said i would like this one. i asked if he was trying to sell

the banjos. he said he was giving it to me. he was giving me a $3,000 musical instrument. he said he really wanted me to have it. >> that is a beautiful story. it is true. >> do you play it? >> yes. the this delta region the nostalgic, the letters, depreciation -- -- the nostalgia, the letters, the appreciation. i love the music and i love the way that people have gotten into it. it has become a part of people's lives. i wrecked my car the other night and was waiting for triple a. this man came up and said was the one who put on the bluegrass festival. he said it is the best thing that happens to him all year.

the pleasure of that, i love the appreciation there is for the festival. what snow in the lineup of the 10th anniversary concert -- >> knowing the line of of the 10th anniversary concert, what are you looking forward to? >> there is one band we met up in colorado. i am sure nobody in san francisco is familiar with. they recalled the ebony hillbillies. i hope everyone will come to hear them. you will not believe them. >> what are some of the other groups who are looking forward to? >> trombone shorty is that in the deal of publicity lately. he is off the charts. we have a band coming up from new york. margo is phenomenal.

the chocolate drops did a special on public broadcasting. they are fantastic. the anderson family band, i live in sheer terror of us having to follow a family band. they're performing saturday morning at 11:00 for 40 minutes. we have enough stuff to play the whole time. we are ready. >> it has been a delight to have you on "culture wire." i want to thank you personally for this great musical festival you have given us. >> is a lot of fun. >> remembered the hardly strictly bluegrass festival will be in san francisco. visit the website to get information on all of the performances. ♪