. >> supervisor avalos: thank you for your work on this presentation. you mentioned briefly the city -- add the school district that they don't have investments who have been affected by libor, is that what you said? >> yes. in terms of the debt the 30r8 -- so they wouldn't have been affected but because they're -- all the different entities are they could potentially be impact but on the debt side of the house, no. >> supervisor avalos: very good. thank you. >> thank you. >> good afternoon, chair farrell, members of the committee, kevin cohen, assistant deputy director near capital finance at san francisco international airport. before we move into the airport portion of the presentation i wanted to take a couple of minutes to kind of give you some background on the airport's debt portfolio. the airport currently has 4.3 billion in outstanding debt of what we call airport revenue bonds where the principle and interest is solely paid by the users of the airport. it does not receive any support from the taxpayers of san francisco. in fact, last year, the

>> supervisor avalos: thank you. no questions from the committee. so thank you. are part of the city presentation? okay. i want to thank the city staff for presenting their work on their research and analysis of the impact on the city. clearly, based on what's been presented to us, the statements made by the city that we are not majorly impacted by this -- by the libor manipulation, however there is an impact to the city and i think where there is an impact, really we have an obligation, either to our funds in our different departments like the airport, or to our retirement system beneficiaries that we actually pursue what we can in terms of recovery of losses, despite the difference. i also think that the city of san francisco, being a major city, major financial player in the municipal finance industry that we actually have an obligation as well to stand with other municipalities to make sure that we are supporting their efforts in any recovery as well. i will have more comments after. want to go to public comment on the issue as well. uposo i have a number of

. >> supervisor avalos: thank you. >> uh-huh. this next slide demonstrates the analysis of the financial impact as relates to libor manipulation requires an analysis of the debt side and the investment side of the city's operation. as you can see on the debt side, which showed you the fixed rate and the variable rate. on the fixed rate, libor manipulation was not impacted. we have listed all the city agencies that have a debt portfolio, including the city's general fund, the airport, the public utilities commission, the port of san francisco, and the san francisco municipal transportation authority. we haven't reached out to include external agencies, but we know that the city college as well as the san francisco unified school district has debt portfolio and would fall under this category and would not be impacted. on the variable side of the house, the department is issuing variable rate indebtedness index to libor may have been impacted. in terms of the airport, if it is backed by -- or index to libor they could have exposure

>> supervisor avalos: thank you. >> thank you. >> good afternoon, supervisors. gregg coto from the san francisco treasurer's office. i'm here to talk about the city and county of san francisco treasurer's pool fund portfolio and to give you context over the period of time from 2007 up 'til present, the actual size of the portfolio has ranged from $3 billion to $6 billion. during the time that we've been talking about with the manipulation from it 2007 through 2011, the treasurer's pool fund did have investments in securities that had interest rates that were based on the libor rate and that was roughly about 5% of our portfolio. and none of these investments experienced any principle losses. our analysis does show that due to an active trading strategy our portfolio yield and our earnings were not materially or significantly impacted by the libor manipulation. >> supervisor avalos: what does that mean in terms of dollars, not materially impacted? >> less than three basis points. less than 3/100 of 1% and we're making over 1% on our portfolio this year. >> superv

and why not. >> -- but certainly talk about it. >> supervisor avalos: and why not? is there -- was there discussion about wanting to do that, and the decision made not to? or it just hasn't been a decision about whether to look at that or not? >> i don't think anybody knows the methodology to actually do it, to actually look at the libor reset every day, to then determine which of the 18 banks did the manipulation, to then determine how that manipulation would affect the libor rate for the airport. our libor is affected on a rate called a one month libor. so this is happening every day and you have to calculate into the one month libor and it would entail a lot of research and we don't know the methodology but it's something we could consult our financial advisers on. so on to the next slide. so as i said, the interest rate swaps have -- was a hedge for the airport. and in fact it actually saved the airport a significant amounts of money. to answer your question that you posed earlier, if you look at the bar chart on the slide we show that variable rate demand bonds

so i will turn it over to supervisor avalos. >> supervisor avalos: thank you, mr. chair, thank you for hearing this item. colleagues, this is an item i brought forward a couple of months ago, looking at the real manipulation that had occurred under the london interbank offered rate. the lie board scandal and what the impact is to san francisco. clearly, we know that there has been real cases of manipulation and scandal and fraud under the liebore scandal and we want to make sure we're doing everything we can locally to try and recover any losses we've had in san francisco. and this hearing is to explore what those might be and to encourage the city to seek action as well. before i start off, i do have a little bit of humor to add to initiativnrnt this process, goi- initiate the process going back from the report as they reported to the liebore scandal. >> chair farrell: may we have the computer display. >> supervisor avalos: want me to start over again? >> chair farrell: may we have the computer display, please. >> well, however it's pronounced -- >> supervisor ava

i appreciate it, supervisor avalos. you came here prepared, and have brought into the light a subject matter that is relatively complicated, but i think you presented it in a way that's very popular and easy to understand. so i thank you for your leadership on that. >> supervisor avalos: thank you. and we'll thank colbar for that. any other member of the public who would like to comment? please come forward. >> just want to say -- my name is jurisa. i used to work at san francisco community college. i worked there 24 years. i was the lead custodian. ima proud custodian. imstill able to work but i had to leave because i could no longer do four, five buildings, you know, where the people are gone, you know, they've died or something's happened to them and they've not been replaced, staff has not been replaced. yes i know the college has had its fair share of problems. but the workers are still working. they're still doing their duties. and you know, mr. avalos, i tell you, we love you. we thought you were the best fit. an

colleagues i have that notion. >> president chiu: second by supervisor avalos. supervisor avalos. motion to amend? >> supervisor avalos: i want to thank supervisor farrell for his flexibility.i thought he was helpful to get together on the same page. >> president chiu: can we take without objection? supervisor yee. >> supervisor yee: . i want to make sure thank you authors of this resolution is important for us as an entity, the citizen from cisco to make a statement about the climate issues. and i think this is a good statement. in addition, after very comfortable with the way this is written. it was thoughtful. thank you very much. >> president chiu: supervisor campos. >> supervisor campos: i want to echo my colleagues and thank supervisor avalos; i'm confident that with our representative on the retirement board the body will be able to make sure that there is prudent and responsible investment of these assets going forward. i want to note that, i am supporting this resolution. one of the things is that we will be divesting from companies like shell oil the same company that we

. >> supervisor avalos: just a question. could you say -- talk about are any attorney generals around the nation taking up -- playing an active role in helping municipalities and counties recover from the losses? >> a number of attorney generals across the country have active investigations. and that's what we have heard so far. so i don't think publicly there's been any fines or any lawsuits filed. but they are in the stage of investigating to i think decide the way forward. and i think cities calling on them to be more aggressive and to jump in, given that there are some time limits would be helpful. >> supervisor avalos: in california do we see a strong action from our city attorney general? >> what we have seen is that they're investigating the issue. >> supervisor avalos: okay. anything else to add? >> i'd like to talk about the other kinds of deals. what we know is that libor fraud is just the tip of the iceberg. we're learning every day of illegal and unethical practices by these banks who peddle high cost risky deals

>> on items 23 through 25, supervisor avalos? avalos no. supervisor breed? breed no. supervisor campos? campos no. supervisor chiu? chiu no. supervisor cohen? cohen no. supervisor farrell. farrell no. supervisor kim? kim no. supervisor mar. mar no. supervisor tang. tang no. supervisor wiener. wiener no. supervisor yee? yee no. there are 11 no's. >> the ordinance has failed. [gavel] >> item 26. >> item 26 is a resolution determining the issuance of a type 22 on sale beer and wine premises license located at 54 3 2nd street will serve the public convenience. >> roll call. >> on item 26, supervisor avalos? avalos aye. supervisor breed? breed aye. supervisor campos? campos aye. supervisor chiu? chiu aye. supervisor cohen? cohen aye. supervisor farrell? farrell aye. supervisor kim? kim aye. supervisor mar? mar aye. supervisor tang? tang aye. supervisor wiener? wiener aye. supervisor yee? yee aye. there are 11 ayes. >> the resolution is adopted. [gavel] >> item 27. >> item 27 is a resolution determining that the issuance of a type 21 off-sale general license for fm smokes a

avalos for his concern about the liquor store. liquor stores do seem to cause trouble in the community, loitering, panhandling and problems with liquor stores. a lot of people complain about the cannabis clubs and having personally being there. i have been to various cannabis clubs and it's a safe haven. the security guards, i'm going into a personal problem. on 8th and mission i was mugged and attempt to have my laptop taken. security guards came to my rescue and prevented me from being mugged. this is an example of how the community has been improved. i don't think that can -- cannabis clubs are a problem. i'm a veteran. there is not number cannabis clubs for the veterans. there is 20,000 homeless veterans in the city that don't have access to the cannabis club. thank you for your time. >> let me call a couple more names. jerry goodman, ken liam a, nicholas somales. >> hello. my name is john martinly. i'm here to speak against this ordinance and we are sanctuary city, we need to free up more space and access to the people who re

thank you. >> mayor lee, and supervisor avalos and supervisor farrell. before we continue on, i want to remind everyone if you wish to speak, get comment cards from the outside. they will come around to collect the comment cards. i will briefly run through the agenda, and everyone be mindful this is a district 10 and district 11 budget town hall meeti meeting. we would work hard to give equitab equitable priority to each, district 10 and 11. we will have a brief budget overview by kate howard, the mayor's budget director and we will have community organizations and then public comment. we will keep our comments to two minutes. and the cards will be collected. we will start with speaker 15, and if possible, we will try to give more people a chance to speak. but we will definitely allow for 15 speakers. and then hear from supervisor farrell, who is the chair of the board of supervisors budget committee and then closing remarks by district 10 and 11, supervisor cohen and supervisor avalos. a smooth process. first kate howard will give a presentation, mayor'

. >> supervisor avalos: i forgot to press the button. i want to thank my cosponsors, supervisor mar and supervisor breed, and thank supervisor farrell for allowing the resolution to go from the committed to full board of supervisors. when it comes to climate change it is easy to get lost in the minutia of silence. the consensus is that if global warming exceeded two degrees celsius it would have catastrophic consequences. people and nation have agreed not to go over that amount, of temperature increase, we have already raised the temperature by .8 degrees celsius which has caused more damage than scientists expected . the arctic sea ice decline by a third, acidity of the oceans is increased by 30 percent, 2012 was the hottest year in recorded history. hurricane sandy brought attention to how warming is causing more severe storms. we can burn no more than 565 gigatons of carbon dioxide. fossil fuel corporations currently have approximately 2800 gigatons in their reserves. we have to keep them in the ground. we are currently using about 31

. >> supervisor avalos? avalos aye. supervisor breed. breed aye. supervisor campos. campos aye. supervisor chiu. chiu aye. supervisor cohen. cohen aye. supervisor farrell. farrell aye. supervisor kim? kim aye. supervisor tang? tang aye. supervisor wiener? wiener aye. supervisor yee? yee aye. there are 10 aye. >> the motion is approved. [gavel] >> and we'stion, it's right before 2:30. i wanted to see if supervisors avalos and yee have special commend asianvs. i was wondering if your folks were here or if we should go to roll call. supervisor avalos? yours is here? why don't we, colleagues, if we can, without objection, move into our 2:30 special order so we can start acknowledging the folk that our colleagues would like to commend today. like to start with supervisor avalos. >> great, thank you, president chiu. would like to call up [speaker not understood] to our podium. so, this is national library week and i'm a big library fan. my family spends a lot of time at the library and i want to honor a special person who works at the oceanview branch library in district 11. and i'll

supervisor avalos? >> thank you, president chiu. i'm here to honor a very special person in district 11 and the community and pastor skylar roads. mr. roads has served as the pastor of the temple united methodist church in my neighborhood for the past 13 years and more than just taking care of a church and the congregation he's been able to provide a wonderful service. i'm honored to see your vision for my neighborhood and the congregation. yesterday we spoke and you mentioned about how you came to the church and you saw the church was the place that actually looked inwardly and yet you saw that there were so many things outside the church that needed change and support and you made it your vision to make sure that temple united methodist church could look beyond it's walls to support a whole community that was really changing. i think that's really a lovely, a real significance, that contribution. i know in the past couple years you have been able to establish an immigrant law center providing legal advice and legal support for imm

sponsored by supervisor avalos.hank you, this is a resolution that i have the co-sponsorship with supervisors eric mar and breed and i want to thank them for their support and this has come from a lot of organizizing that is happening in the bay area nationally around climate change and i want to thank 350.org, climate nexus and the student groups that have been working on this resolution and the divestment strategy around the nation. and it is a critical time that we really address immediately, the needs of curbing climate change in the nation and around the world. to start off i want to talk about some of the math that is involved. it is easy to get kind of bogged down in the science of climate change but there is super math that we can boil this down to. the scientific consensus is that global warming f it exceeds 2 degrees c, it will have catastrophic consequences for all habitats across the globe. almost every government has agreed through the copenhagen accord and we have raised the temperature by 0.8 degrees

. >> supervisor avalos: thank you very much. next speaker please. >> my name's steve bristow, a business agent with 1021, born in 1949, a little bit older than the last speaker. i'm a married man which means i get an allowance. the other day i parked in front of starbucks, ran in to get my coffee, in there not more than three minutes, i came out, there was a citation on my vehicle for parking. the second thing that occurred to me was, when i opened it up, my god, this is a stiff price to pay for a cup of coffee. being on allowance, i had to go back and plead with the spouse to try to find money to pay for the ticket. the consequences of it is i'm not going to park in front of starbucks without a bag of quarters anymore, ever again. there is a consequence to that. there's none for the banks right now, absolutely non-, unless people go after them for what they have done. and what they have done 800 -- is it trillion? 800 million to the world, and they're fined a total of what, 20 or 30 billion altogether, it's just not right. ther

>> we will close public comment. >> avalos? >> aye. >> breed? >> aye. >> campos. >> aye. >> cohen. >> aye. >> chiu. >> aye. >> farrell. >> aye. >> kim? >> aye. >> commissioner mar? >> aye. >> tang. >> aye. >> commissioner weiner? >> aye. >> that item passes. >> commissioner yee, absent, the item passes. >> next item please. >> 6, item six, amend the adopted physical year 2012, budget to increase revenues by $41, 727040, and increase expenditures by $20,844,741 and decrease other financial sources by $116, 995, 33, for a total net decrease in the fund balance of $96,071,034. >> any comments? >> we can go into public comment, seeing no one come forward we will close. miss sacks? are you? >> yes, regarding the curve ramps in this resolution, this is taking into consideration, where the bus stops are, and as where the people live, and you don't put curve ramps where people have their houses and have their driveways, where they have, where it is difficult for them, and it is difficult for them to get out of their houses and out of their driveways. th

>> supervisor avalos? avalos aye. supervisor breed? breed aye. supervisor campos? campos aye. supervisor chiu? chiu aye. supervisor cohen? cohen aye. supervisor farrell? farrell aye. supervisor kim? kim aye. supervisor mar? mar aye. supervisor tang? tang aye. supervisor wiener? wiener aye. supervisor yee? yee aye. there are 11 ayes. >> the resolution is adopted as amended. madam clerk, could you go to our imperative agenda and do we have any items today? >> we do, mr. president. we have 2013 as the year of the child in san francisco. >> we have a founding as well as the brown act finding -- >> mr. president, mr. president, please excuse my interruption. that was not the imperative item. that was the item -- >> tia margarita. >> yes. it was a resolution declaring 2013 as it a margarita day. in the city and county of san francisco. >> colleagues, we have the resolution described by the clerk purely recommendtry brown act finding. supervisor mar made a resolution to adopt the resolution. second that, seconded by supervisor campos. is there any public comment on this item? seeing

>> supervisor avalos? avalos present. supervisor breed? breed present. supervisor campos? campos present. supervisor chiu? chiu present. supervisor cohen? cohen present. supervisor farrell? farrell present. supervisor kim. kim present. supervisor mar? mar present. supervisor tang? tang present. supervisor wiener? wiener present. supervisor yee. yee present. mr. president, all members are present. >> thank you research, madam clerk, ladies and gentlemen, could you please join us in the pledge of allegiance? i pledge allegiance to the flag of the united states of america. and to the republic for which it stands, one nation under god, indivisible with liberty and justice for all. colleagues, we have our march 5th, 2013 board meeting minutes. can i have a motion to approve those minutes? motion by supervisor campos, seconded by supervisor yee. without objection those meeting minutes are approved. [gavel] >> madam clerk, are there any communication? s? >> there are no communications, mr. thv. >> can you read our consent agenda? the consent calendar is considered routine. if a m

if you come up and we have supervisor john avalos here. if you want to read this and i will play an audio clip. >> great, it is really wonderful to be invited here to honor this young person, tala hall. and on october 25th, at 8:25 p.m., ten-year-old tala hall, called 911 requesting a medical response for her mother, who was having a severe headache, semiconscious and shallow breathing. her call for help was answered by a public safety dispatcher edgar velasco. but out the contact, he provided assistance and compassion to her and her two young siblings. he gave assurances that help was on the way and reminded her that she was doing a great job helping her mother. together, they worked to help insure a successful out come to this medical emergency. let's take a moment to listen to a brief segment of tala's 911 call. >> i would like to invite edgar to come up on stage, too. >> sorry about that. >> come on up. >> police department. >> this the highway patrol i have a transfer, i have paula, she is ten years old and she needs an ambulance for