for up to 15 years, but we anticipate having maturities of no greater than eight years. the present value savings is about $800,000 over the life of the bond, and we want to make note of the underwriter feed their. -- fee there. the authorization to refund bonds comes in a couple ways. the charter allows us to bring forward savings to the ratepayers when it makes sense, that is what we are presenting you today. we have recently approved authorization of the board of funding without additional board approval, so we are presenting to you today this refunding authorization and we will not need to bring this to the board for their approval.

the forms of agreement are almost identical to what we showed you a month ago. unless there are questions, i will take your questions. president moran: any questions? any public comment? can i have a motion? it is moved. and seconded. all those in favor? opposed? the motion carries. the items 15 and 16. >> authorize the general manager to enter into separate agreements with the following commercial paper dealers for the waste water enterprise commercial paper program. a u.s. bank, city grew, wells fargo, and morgan stanley. the agreements combined include annual costs not to exceed $150,000 for a duration of three years with a couple of additional extension times for

one year each. the the general manager is further authorized to select the next lowest cost, if negotiations are otherwise not successful. item 16, authorized the general manager to enter into separate agreements with union bank and the bank of tokyo mitsubishi as the lowest cost, responsive, and responsible bidders to provide credit to secure the 2002 proposition e for the waste water enterprise. the agreement provides $150 million in available credit with annual costs not to exceed $1 million for the duration of three years. should be selected banks be unable to meet contract requirements, the general manager is further authorized to select the next lowest cost better. >> as a reminder, the sfpuc has

a commercial program for waste water enterprise that serves as the financing option. the first item proposes new dealer agreements with four firms to serve as dealers for the waste water commercial paper. these new agreements are meant to replace the ones expiring next month. we will market our paper to investors at the lowest cost possible. the second item proposes a three-year agreement to support the recently increased waste water commercial paper program. these agreements to serve as a security pledge to the investors in our commercial paper in the event that we are not able to repay them. it is essentially security backing for the commercial paper program. the i just have a few slides to

share with you. the agreements we have shared with you are essentially identical to the ones we have shared with you previously. there is virtually no change. in terms of the facility, i want to spend time talking to you about this. we have a commercial paper program for waste water enterprise. in december of last year, you approved an increase to the commercial paper program of $150 million of $300 million. in january, we brought forward a new agreement to back the first $150 million program. the facility is working as expected. what is before you today are two new agreements for the second $150 million. assuming that action is taken today, we will have the four

agreements in place of $75 million each. the slide shows a little bit of a comparison and i want to share this with you. what is being proposed is, in the first column, for union bank agreements for $150 million, it is 0.65%, $975,000 a year. the fee will be covered by the waste water capital program. the term is for three years. i will speak a moment about the downgrade protection. the other two colonies show you a comparison of the agreements we have with j.p. morgan and u.s. bank. also with the prior agreement of the water enterprise.

as it relates to the bank hundred protection, that is an important thing. they provide us with the ability to terminate the agreement. i want to pause here to reiterate the importance of adequate bank ratings. you may have heard about moody's downgrading several banks last week. we have an agreement with bank of america for $250 million, not what is before you today, but for the water enterprise. because of the downgrade, the provision allows us to terminate the agreement. we're currently looking for a replacement credit facility with another bank and will report back to you on replacement alternatives. i want to show you how all

diligently are being to keep an eye on these ratings and the action that will take to fix those ratings. it is an important clause that we wanted to make sure was important. >> any questions? is there any public comment? >> so moved. president moran: moved and seconded. all those in favor? opposed? item 17. >> authorizing the general manager to execute a grant agreement from about not to exceed $100,000 with the total duration of 12 months to provide a living library at think parts education programs.

president moran: thank you. mr. moala. >> good afternoon, commissioners, i'm the general manager for waste water. this particular item as part of the educational process. this is the support for san francisco unified school district. educating kids on the importance of trees and conservation of water. all of those issues. this is an investment for 20 years from now. we feel important about this work, normally, there would be one that they want to administer, we felt it was an important piece for as far as educating our kids. president moran: any questions?

commissioner caen: great idea. president moran: any public comment. can i take that as a motion? all those in favor? opposed? item 18. >> authorize the general manager to execute a grant agreement with the seventh is the school alliance to not exceed $100,000 during fiscal year 2012-2013 for the related outcomes of the power services and operations to the green school program. >> assistant general manager, this is another educational effort. this item would authorize the general manager to execute an agreement with the greens schools alliance. and this partnership to sell more, more intentional educational initiatives to

support the placement of members that attend the unified school district. the alliance is going to work really closely with the different enterprises here to be able to identify the benchmarks and out comes that kids kindergarten through fifth grade would experience a based on these members. it is part of a larger effort. we're trying to court made the regional efforts of that we can tell the kindergartners will all learn that. they all go to the waste-water facility. working with the school district, and that is the strategy we are supporting to make sure the kids hit out comes tied to priorities. president moran: any questions? commissioner caen: great idea. [laughter] president moran: all those in

favor? opposed? item 19. >> of proven and increase the contingency in the amount of $196,454 for $255,867 of up to 84 consecutive calendar days for contract for the waste water facilities efficiency improvements. to authorize the general manager or the designee to improve any further modifications not to exceed $850,000, and for the contract duration not to exceed 834 consecutive calendar days. >> the item before you is to enable us to complete the energy efficiency and improvements.

we packaged it to modify the contingencies of that we don't have to come back for five times for change orders. we are seeking this today, 218 different fixtures that apply for this modification. and have it paid back within eight years. president moran: any questions or public comment? moved and seconded. all those in favor? oppose? we are about to go in the closed session, is there any public comment on matters to be discussed in closed session? seeing them, can i have a motion on whether to assert attorney- client privilege? all those in favor? oppose?

the item carries. we will now go into -- you need to call the closed session items. >> conference with property negotiator pursuant to the government code section and administrative cudahy. prop. 520, persons negotiating and the other party under negotiations price in terms of payment. conference with legal counsel pursuant to california government code and san francisco on administrative code. item 24, pursuant to a government code section 54957. to consider public employee appointment hiring for the position of general manager of the san francisco public

the san francisco public utilities commission. president moran: we are back in open session. the commission took no action. could i have a motion regarding whether to disclose? >> motion not to disclose. >> all those in favor? opposed? the motion carries. any other new business? this meeting stands adjourned, thank you.

i'm the president of friends of mclaren park. it is one of the oldest neighborhood community park groups in san francisco. i give a lot of tours through the park. during those tours, a lot of the folks in the group will think of the park as very scary. it has a lot of hills, there's a lot of dense groves. once you get towards the center of the park you really lose your orientation. you are very much in a remote area. there are a lot of trees that shield your view from the urban setting. you would simply see different groves that gives you a sense of freedom, of being outdoors, not being burdened by the worries of city life. john mclaren had said that golden gate park was too far

away. he proposed that we have a park in the south end of the city. the campaign slogan was, people need this open space. one of the things that had to open is there were a lot of people who did a homestead here, about 25 different families. their property had to be bought up. so it took from 1928 to 1957 to buy up all the parcels of land that ended up in this 317 acres. the park, as a general rule, is heavily used in the mornings and the evenings. one of the favorite places is up by the upper reservoir because dogs get to go swim. it's extremely popular. many fights in the city, as you know, about dogs in parks. we have 317 acres and god knows there's plenty of room for both of us. man and his best friend. early in the morning people

before they go to work will walk their dogs or go on a jog themselves with their dogs. joggers love the park, there's 7 miles of hiking trails and there's off trail paths that hikers can take. all the recreational areas are heavily used on weekends. we have the group picnic area which should accommodate 200 people, tennis courts are full. it also has 3 playground areas. the ampitheater was built in 1972. it was the home of the first blues festival. given the fact that jerry garcia used to play in this park, he was from this neighborhood, everybody knows his reputation. we thought what a great thing it would be to have an ampitheater named after jerry garcia. that is a name that has panache. it brings people from all over

the bay area to the ampitheater. the calls that come in, we'd like to do a concert at the jerry garcia ampitheater and we do everything we can to accommodate them and help them because it gets people into the park. people like a lot of color and that's what they call a park. other people don't. you have to try to reconcile all those different points of view. what should a park look like and what should it have? should it be manicured, should it be nice little cobblestones around all of the paths and like that. the biggest objective of course is getting people into the park to appreciate open space. whatever that's going to take to make them happy, to get them there, that's the main goal. if it takes a planter with flowers and stuff like that, fine. you know, so what? people need to get away from that urban rush and noise and this is a perfect place to do

it. feedback is always amazement. they don't believe that it's in san francisco. we have visitors who will say, i never knew this was here and i'm a native san franciscoan. they wonder how long it's been here. when i tell them next year we'll get to celebrate the 80th anniversary of the park,k,