steve spitz is a partner in oreck. they are one of the leading firms in the public finance space, and they determine what some of the interpretations are and guidance of the laws by the securities and exchange commission. so with that, i'll turn it over to steve so he can walk you through the slide deck. >> thank you. steve spitz, partner at [indiscernible] carrington, and sutcliffe. outside counsel for the p.u.c. as you know, sfpuc finances capital bonds by selling stocks and bonds in the public capital market. the debt is offered through an official statement, which is something very similar to a declaration of bonds, it informs investors so they can make an informed decision as to whether they want to buy an investor's p.u.c. bonds. it's subject to the antifraud rules of the federal securities law, which means that the official statement must have no material misstatements or omissions. also, as mark noted, mr. blake noted, there's a positive benefit to the disclosure documents and having disclosure documents that a