appraised value of the c.f.d. so, the c.f. sd. limited because that is the security for the bond and the city has a policy of only issuing c.f.d. debt with a 3-to-1 ratio. this is a city-wide policy put out by the controller's office, a conservative approach to make sure that we can always cover our dead service for these bonds and we anticipate $125 million valuation resulting in $40 million of bonds for the projects. the difference is thing of cost of issuance and reserve requirements for the bonds. and the second limiting factor is ongoing tax revenues. we have to have 110% debt service coverage. we have to have an extra 10% in taxes. if our annual payments are $1 million, we have to have $1.1 million to have a little buffer. the bond issuance here is in phase one which are foreign access of the $40 million bond