through a big rfp process. we've used wells fargo as our primary operational bank and we still have a couple of accounts that with are -- al wells fargo and our bonds, our major trustees are u.s. bank and bank of new york. >> i think the city has deposits in several banks. >> yeah, i think bank of america is the major. but i know -- i'm not sure where they are with their rfp. they do rfp and then change their relationship. >> how often do they issue an rfp? do you know? >> i don't know that for sure. i imagine every five years. >> we can include that with the oversight members along with the frequency of the rfp in a brief memo. >> i have a, again, a question of curiosity. i saw a reference to a commercial paper program. do we have one? >> the city does. the city has a major commercial

paper program. we do not. we issue long term debt. >> yeah. >> we don't issue paper -- >> i just saw the reference there in the policy for commercial paper. >> i don't think the department of finance would [inaudible] get too creative -- >> the reason i know that is because the airport, especially after september 11, commercial paper program was very useful, but that was very different -- >> yeah, we will be exploring financing options in the future if we are unable to sell bonds for our major projects and transbay and we don't have enough money as a pay as you go basis. we have been talk with the city about some sort of relationship and using their debt issuance possibilities if we can get the of to agree to a loan agreement between the city and us. it's just something we're exploring if we don't have other financing options available.

>> thank you. okay, i have no other questions. >> commissioner singh, anymore questions? >> no. >> no more questions. >> i move that. >> commissioner singh moves. >> second. >> commissioner mondejar seconds. moved and seconded. please call the role. >> commissioner mondejar. >> yes. >> commissioner singh. >> yes. >> rosales. >> yes. >> the vote is three is. >> thank you. motion passes. please call the next item. >> item 5k authorizing the executive director to enter into a memorandum of understanding between the san francisco and the city and county of san francisco controllers office of public finance for assistance with debt issuance and administration. >> to the extend that we would

like to use their depth, their capacity. we have arrangements with the controllers office for surge accounting and other work you've previously approved, mayor's office of development, plan, et cetera, this is another one of those items that will help us with the work we have before us that is our managing and debt portfolio and refunding, pry mayly. with that, i'd like to ask deputy director of finance and administration, to walk you through the proposed mou terms. >> thank you director and chair and commissioners. i am leo levinson. this is a clean up item. it is to bring before you what is our practice, but we feel it's worthy of formalizing because it is a significant with the city and there are some dollars involved which come out of the cost of issuance accounts when we issue debt. of and so we want -- and we also want to really get it

down in writing with the controllers office so we wrote down our roles. the controllers office of public finance manages the very large multibillion dollar debt portfolio for the city and so they have a great depth of knowledge both about the market and about the credit of the city and also a very strong interest in our debt for two reasons. one is because we're paying back most of our debt from property tax, which, if we do it in the most economic cal way, most of the money saved goads back to the city, 55% or so, and that's important to them that we're efficiently managing our debt. and secondly our credit matters to the city. if we did something wrong and there was a headline about a default or some other thing we did with debt that didn't look that would reflect on the

city's credit rating because of association. they have a strong interest and willingness to help us in making sure that we're doing things in the best possible way for our debt issuances. they help us develop the teams, review the teams when we want to issue debt shs review the strecktures we put together, provide input on that, and then as we mentioned br on the debt policy our disclosure rules, we're trying to piggy back. they don't provide training, which we should do, on what you need to know about as you approve our debt, what responsibility you have as approvers of debt so we may call upon them to help us to do

a training session in the future. but if ocii is off the public finances there in a consulting and supportive role. the payment for their services does generally come from the cost of issuance so if we don't issue they wouldn't get paid for their time. this provides if there's special requests we make. if they think they need to be paid we would do a special budget for that and do it under our usual procedure. i'm happy to answer any questions. >> thank you. do we have any speaker cards? >> no speaker cards. >> no member of the public appears available to speak. commissioners, any questions. >> i don't have any questions. >> commissioner mondejar.

>> did i hear you correctly that they're not getting paid for advicing out unless they feel like they should be? >> no, no, that's not what i intended to say. no, i meant that generally they get paid when we issue debt there's some cost of issuance budget. in our last set i believe it was $12,500 was how much their staff time came to that have charged are the proceeds of issuing the debt. just as a scale i think that's out of around $300,000 total if you take in the bottom counsel and underwriters, et cetera, so it's a modest amount of the cost of the debt. if there were an extra consulting role where we wanted them to spends some time, mou says they need to tell us if they want a special budget to be paid that would be separate from the cost of issuance and we'd agree to it first. they couldn't bill us outside

the cost of issuance without talking to us first. >> that sounds more sensed. >> so they were to bill us for reimbursement for city attorney time, that's separate from our city attorney work order? >> yes, that would be. that would be -- >> that's basically their -- their counsel? >> yes. >> okay. so -- >> i move that. >> thank you. >> wait a second. >> so it's been moved, seconded. please call the roll. >> commission members, please announce your vote. >> mondejar. >> yes. >> singh. >> yes. >> rosales. >> yes. >> vote is three is. >> thank you. so yes, when we're set to skinny commission, as i keep saying, we need to be very

vigil ent on where people are. >> are there any speaker cards for public congressmen? >> no speaker cards. >> report of the chair. >> i the do not have a report for today. next item. >> next order of business is item 8, report of executive director. >> i don't have a formal report other than to direct you to the proposed forward calendar that goes out to the rest of the year and will certainly explore opportunities for other meetings, should there be a potential conflict. >> very good, since there's so few of us that's a possibility. next item please. >> next order of business, item

9, commissioner questions and matters. madam chair. >> any questions, matters? >> no questions. >> the only matter that i have and per happens it's a question is that since we're doing housekeeping with the review of our various policies do we have a sense -- or do you have a sense of what are the other ones coming? we've talked i think a little bit about the sbe policy, which is a major one obviously. there wouldn't necessarily be clean up there, but any other policies? i mean, is there something -- maybe a list of ongoing policies that need to be tweaked, if you will? >> it comes to minds there's an existing records retention policy that we're reviewing. we're still in the analysis phase. we're not quite ready to make any potential recommendations to the commission. we want to do more due diligence in that record.

certainly the personnel policy, the changes that were made, we'll take a look at the rest of the housekeeping items now that we've completed all the due diligence reviews t audits, the budget, this gives us a bit of breathing room, even though there's significant am of activity, we want to make sure we're keeping all policies up to date so we'll take a look at that as well. >> the only other question now that you mentioned it is that when we amend our policy the amendments are applicable. perhaps this is a question for mr. brian, our general counsel, moving forward, do the amended policies apply, for instance, to development? i mean, how do they apply going forward? some may be incorporated in documents and mous, but presume they have

prospective effect. >> i think i look forward -- the prize orty, the resolution the commission recently adopted to create preference for ellis act housing par tis pantses was a look forward because we've got, like, amber in time so to speak if there were other contracts, loans, agreements, et cetera, that were previously approved that only gave certificate of preference holders preference. we can't unwind those, but it's a look guards. with each of these policies we'd have to look at what's the application for particular projects moving forward. >> as an example if we were to amend i know the personnel policy to go from two to one year, as i mentioned, that would be applicable to going guard, so it would be -- i presume -- i mean, you don't need to answer the question, but i'm thinking out loud that that would be a potential

beneficial change that could have a beneficial impact on former commissioner ellington, i think. >> yes, i think so. >> okay. >> but that's the state of your policyings that exist at the time then, you know, moving forward that's what we'd implement under. so if you decide to change that policy it certainly would be applicable, but we want to look at that -- >> yeah, yeah. >> because i'm also curious about why we have a two year policy versus one year, which is with the city so would just be interested to finds out why that was, why that happened, since we're going to approve it, what the reasoning was of the previous commission or whoever proposed that. i also have a question about -- since we're talking about personnel, how are you on hiring? are we fully staffed? i know last time you said your

trying to ramp up your staffing. >> we have a good deal of recruitment still underway for project manager positions, compliance positions, really any position that was vacant in the budget we're almost in the process of actively recruiting for all of them. there's a tipping point to stagger them a bit so we are underway to fill all vacant positions. >> commissioner singh, we are on commissioner questions and matters. do you have any? >> no. i don't have any question or matter. >> next item. >> item 10, closed session. there is no closed session. the next item is 11, adjournment. >> adjournment.

2:43. [laughter]

>> i think we've all recognized it is an absolutely exhaustible goal everyone of the 34 death was predictable and we're committed to come together as a

city family to make sure that pattern doesn't continue into the future we need the entire city family and community all of san francisco to come together to achieve that important vile important goal and make investments and the leader to bring this community together as well as identifying the dollars that are going to enable the investment we need in order to make our streets satisfactory is mayor ed lee please welcome him. >> (clapping) >> thank you for your leadership at sfmta it's teacher that we are having to face an unprecedented number of accidents fatality and serious

injures about one hundred a year has been the average we want to curtail that and seriously do something about that we've joined together the supervisors along with our office and the sfmta police department and others to suggest that we can end it we have to that r that goal of vision zero in 200240 to make sure we're serious today is another effort here anothers e.r. by a street has been a tragic we hoped not to have happened but also in you ride along the sunset boulevard you can feel that some individuals that are not going to pay attention will view and use this as a freeway it's not a freeway a major pedestrian and traffic thoroughfare that must be right handed for all the modes of

transportation and consider people kwhor walking and riding as well as the speedometer so today, we're here on the establishment of a traffic signal but we know that no traffic signal in and of itself nor stop sign will ever create the level of safety we all want to have happy. so it is to be complimented by other things we do including the reduction of speed here on the sunset boulevard that's been at 35 mile-per-hour historically and is now we are reducing it to thirty mile-per-hour and at the same time, we have two additional streets where is it will be merry rag and marion by the end of next year. those combined with the reduction of speed here but with a constant education from not

only our supervisors and sfmta our walk sf first and police department but also the entire city has to pay attention to this whether it's a street if district 6, in selma or downtown in the tenderloin or in the sunset we're committed to get this done and make sure that everyone that used our street particularly those who are walking their dogs and families are feeling safe in the street we have to educate everyone who goes and utilizes the author fair and sunset boulevard to cyclone not only because there are multiple schools ever other block but people using it more and more and as we invite people to live in san francisco to increase our population we must take care of streets like this this is not the only street or

boulevard we have plans that include a major transportation bond to november i'll ask you all to peengs to that bond because it requires 2/3rd's vote it will not raise our takes but consistent with the general obligation bonds we've passed with the leadership of all our supervisors we've passed bonds for libraries and parks for other institutions including the latest one this past june where we increased our general obligation bonds to cover earthquake preparedness and emergency responses with all our sfrootz infrastructures this is the first time transportation infrastructure bond that has taken into consideration this in city since 1966 its important it's important investment in the

crippled programs that improve mini and 3 hundred of the $500 million is visited towards safety programs focused on our streets whether it's concession or improvements in the way that mini or streets that are able to be designed and handled or the operations of maintaining the speed that leaders have to have in order to get their 2 hundred and 80 thousand commuters we've experienced a saving of an hour with the mini in the programs but an important part i want to emphasize i know that supervisor tang is focused on this along with many of the frifrz is is that vision zero must be accomplished and a part of the 5 hundred you million dollars bond we're not stopping at the traffic signal or the two others we'll have in place we want to

expensive approach that was worked on very seriously by groups like walk sf and the bicycle coalition along with the police departments and having the input in a $500.01 day that again will not raise our property takes it will be implemented and that's in a responsible way it carries forward real visions that were reflected in the 2030 task force we put together that we worked very hard to make sure we had the funds we will not use the fund as a reason why we can't get things done safer in the city and moor our streets and road are safe thank you to the county transportation authority and sfmta for being part of this along with the community

advocacy groups that i encourage more and more to be vocational who else is going to do help educate the public if we don't have the community-based and working closely with our sfmta and mta commission working closely with our police department in every accident making sure we study this carefully and make sure we teacher of the aspects and making sure everyone is safe in the city this nominate is more than a traffic signal but an expression we want to be competitive in our approach for a higher level even if safety vision zero for the city interest thank you for joining us and being here soon, we'll take the switch i signing the bond for the $500 million of obligation bonds we want to have before the voters in november of

this year thank you very much (clapping) >> thank you mr. mayor and our leadership in supporting the bond and vision zero and the water work of making our streets safer. one of the things the mire said is sunset boulevard colloquy wasn't we're doing here is not the end but emblematic of what we need to do people treat it like a freeway it's not a freeway but one of the 6 percent of city streets responsible for 60 percent of the fatality in our city. what we're doing here is a step it's adding up to more than $3 million investment we made along sunset boulevard to make it safe as the mayor said we've been working with the police department and the department of public health to really understand where and judge our

collisions happening in order to address the other 6 percent responsible for the 60 percent of fatality collisions and bring the improvements out to the city sewe need the investments in order to do so we're lucky to have as representative of the people felt sunset district as a member of the county of the transportation authority and a member of the board of supervisors someone that understands the importance of making the investments focused on transportation and pedestrian safety and works on the board and the blue print for the district and emerged for the board of supervisors to get this 5 hundred general obligation measure into the ballot so, please join me in welcoming

district 4 supervisor tang >> thank you a special recognition to the mta and to tilly changing and accident police department and walk sf and, of course, all the community members and resident who have been so patient serving as an advocate and working to make sure our city vice president hears us loud and clear we need those along sunset boulevard so all our intersection have signals and so in the past evidently years we've worked to slowly being able to install the traffic signals by the end of the 2015