juggernaut holding up high-speed rail, leading up to 2012 high-speed rail mou; as a result caltrain electrification, one of the signature projects on life support, this is the night and we continue to work on with the mayors office. we have to identify the rest of san francisco's 60 million share to this project; the only projects identified are 20 million of the 60 million. the last will be presented in september. -- we are bringing technology up to modern standards, providing a lot of enhancement that improve safety, reliability and customer convenience. paratransit continues to be successful, improving cost efficiency; you significant item for prop k. this slide has way too much. these are the smaller projects; prop k has money for curve walks, pedestrian signals, the major feature of the sales tax program. i have the audit on the agenda. congratulations to cynthia and the board; we continue to have a good credit rating. we have not had to issue bonds but we are prepared to that. we have negotiated a letter of credit; there is a significant cost savings, just under 1 million dollars a year that