the change we made, through the it infrastructure financing district, it was primarily a financing one. it was a tool to assist. but they work exactly the same. it is property-tax increments from future development that is used to secure and issue bonds. the appellants touched on this a lot during the presentation, but, in essence, the bondholder looks to what the security is, what they are purchasing bonds for. a bond issuance is exactly the same as property tax from future development, so we do not thing that will have an impact at all. it is a very similar financing tool. the underlying zoning as well as the physical project that is before you, it did not change all as a result of the changed from re-development to infrastructure financing. the only difference is the amount of income and that is available. it is about 80 cents for coat tax bonds and 57 cents for infrastructure financing bonds, so one response we made to that then was to make a reduction in the minimum level of affordable housing to 20%. we are hoping to get that back up to 30% through state legislative changes that

, but finance more generally. this may not be the case that resolved the question but it is likely to give us a hint as to which the direction will eventually take us. the second case i have is also one of the blockbuster cases of the term. it is snyder vs phelps. if there is every case to pull at the justices heart strings, it was snyder. mathews letter was killed while serving in iraq. at the funeral, a man named fred phelps and the rest of this was borrow baptist church staged tickets involving a variety of despicable signs, homophobic slurs, silver in the death of american soldiers, anti-catholic attacks. was borrowed church routinely boycott the -- routinely pickets of the funerals of soldiers because they believe that the american college of homosexually led directly to 9/11 and the casualties of the iraq war. picking funerals of private individuals have garnered was borrow -- from midwest borrow -- garnered westborough more attention than it deserves. the district court let the compensatory decision stand.

also, you requested a breakdown of how we expect public financing expenditures in 2012 to pan out. i did forward the document to all of you with that breakdown. the only other thing i would highlights while i am here today, last week, i told you the total funds distributed under the public financing program was $1,674,000, and in the seven days since i gave you that figure, an additional $826,869 has been distributed in the last week, bringing us up, that much closer to our estimate. i do not know we will hit the $3.1 million by this thursday, but we're going to come very close. at this point, we are just over $2.5 million in expenditures for this fiscal year on the mural public finance program. supervisor chu: with regards to the campaign fund, we have a balance sitting there that will be carrying forwardthe mayor's s an additional amount in the budget as well. to the extent that, come november, after the mayor's race is completed, and all the public drawdowns have been completed and verified, if there is a huge remaining balance, is there any provision to allow us to bring that b

and next spotlight asks a former russian deputy finance minister about where the smart money will be and topping the world's second economy league that's next right here on sci. fi. hello again of the welcome to spotlight the interview show on the tape and now we know when today my guest is. view. political and business leaders from around the world are gathering in st petersburg for the fifteenth international economic forum to discuss new ideas and currently the motto of the event is an merging the leadership for a new era but does it mean that the old leaders of the kings of the hills anymore let's ask the former russian deputy finance minister. gordon to the u.s. department of state to be investing time in his russian has strengthened in recent years but corruption and unstable legal framework and economies dependence on natural resources are old patches that are only confidence monkey time from glasgow's economic forum in st petersburg otherwise known as the russian glamorous is hoping to improve the country's financial reputation into two thousand and four and business people h

we are participants in the street finance working group. we are keen on addressing this problem, so we urge you to give this your fullest consideration. we are also eager to continue working on finding those long- term sources of revenue. it is not right to pay for all of this with a bond, or even to try to get very far. we have to do something. of course, the bicycle coalition will continue to work with city agencies and you folks to find those longer-term sources of revenue. so again, we are taking this seriously and we hope that you will give it full consideration. thank you. >> elizabeth stant. walk san francisco. you may have heard that yesterday at two pedestrians were hit in the city. one man was hit so badly, it was presumed that he was killed, but he is now on life-support. so pedestrian safety cannot wait. on tuesday, the national transportation for america released a report called " dangers by design." it highlighted the fact that in the last decade, 47,700 people were killed by being hit by cars, which the report points out, is

by campaign finance law.ngly poisons our politics as it gains more and more power over the political process this is no time to sit idly boy when a candidate who has secretly used a million dollars outside of the campaign finance system to preserve and protect his candidacy is discovered. the prosecutors in the edwards case are not out to teach john edwards a lesson. he has already been humbled. if humbling is not enough for you, senator edwards has also been human late. he has also been shamed. and he will remain shamed for the rest of his life. the prosecutors know that. the prosecutors are out to teach a lesson to all candidates for federal office that no from now on forever they cannot reach out to their rich friends and secretly obtain as much money as they want, a million dollars, whatever they need to cover up, whatever they have to cover up in order to preserve their electablity. to preserve the chance. to preserve the dream of becoming president of the united states. you don't want them to be able to

of elections is this the end of any public financing your choices are yes or no. god let us know what you think i will be open till tomorrow morning. a human billboard an australian volleyball player is exploring a unique way to finance her and her partner's bid to make the twenty five summer olympics in london she's selling ad space on her body for ten thousand dollars each clerk kelly is offering a one inch by one inch squares on her left arm to be tattooed with the sponsors logo for fifty thousand dollars she's willing to tattoo her right shoulder for a sponsor the money earned will be used to join the volleyball world pro true or a necessary first step to make it into the olympics crazy or not you can't fault her for chasing her dream now only if we can get members of congress to tattoo themselves with their corporate sponsors have the feeling republicans wouldn't have any clean skin left. coming up what do you get when you cut government spending republicans say prosperity but i'll tell you the real answer after the break and show you the data that proves rep

next hour naafa talks to russia's former deputy finance minister who shares his opinion on which countries he thinks will dominate the world's economic markets in the future. hungry for the full story we've got it for us the biggest issues get a human voice face to face with the news make us. feel . hello again and welcome to spotlight. on the tape i'm alvin of in today my guest is . view. political and business leaders from around the world are gathering in st petersburg for the fifteenth international economic forum to discuss new ideas and current issues the motto of the inventors. the leadership for a new era but does it mean that old leaders are not the kings of the hills anymore plus hours for the former russian deputy finance minister. gordon to the u.s. department of state the investment climate of russia has strengthened in recent years but corruption and all stable legal framework and economies dependence on natural resources are all patches that are eroding confidence among potential investors economic forum in st petersburg otherwise known as the russian gas is hoping to improv

i know those are the headlines here in our next spotlight asks a former russian deputy finance minister about whether smart money will be in topping the world's economy league that's next right here out. hello again and welcome to spotlight they interview show on the tape i'm al green of in today my guest is. view. political and business leaders from around the world i'm gathering in st petersburg for the fifteenth international economic forum to discuss new ideas and current issues the motto of the inventors and merging the leadership for a new era but does it mean that old leaders are not the kings of the hills anymore let's ask the former russian deputy finance minister. brought into the u.s. department of state the investment climate russia has strengthened in recent years but corruption and all stable legal framework and economies dependence on natural resources are all packages that are eroding confidence among potential investors the economic forum in st petersburg otherwise known as the russian babbles is hoping to improve the country's financial reputation with two thousand for

through the air infrastructure financing districts. none of these approvals were noticed in the eir that was circulated to the public. the changes to the project have resulted in a recommendation by staff to eliminate 400 units of affordable housing for the project in order to make up for the projected shortfall in funding that would occur due to the city abandonment of the proposed redevelopment project. ceqa guidelines 15124 requires them to have a list of all of the permits and approvals that are being proposed. this eir does not have that. a ceqa guideline states that if the agency is proposing to use a eir for a prior project proposal but for a different project approval, the agency will start not with a memorandum at the end of the process and asking for it to be approved, it will instead start from the beginning of the ceqa process with an initial study and recirculation of the eir for the projects of that the public can reconsider the project proposal and respond through ceqa's mandatory public comment period on a draft eir. wi

motion would be so much brighter than if you knew about sums from financed impressionists. from his firm stance on t.v. don't come. visit. welcome back to spotlight nabhan just a reminder my guest in the studio today is of you get there former russian they're very finance minister recently you know started talking about the russian currency well the daydream of the russian politicians has been in the ruble becoming a world reserve currency will this happen in our lifetime do you think any time soon can we expect that to happen or not yet i think a ruble has a very good chance to be one of the currency which could be a subject of reserve currency in the first even future in the future lies not being today. first of all because you. subject of control by the central bank and the level of depends on central bank policy and intentions in this case. just quite small investors or banks are ready to consider currency as a reserve currency because they don't understand the rules if currencies flexibles and those the market rules in this case. are ready to consider this currency mar

we are acting truly as conduit finance is. in the case of hunters view, the note with citibank will be repaid with a $10 million loan from the state. approximately $24 million in low-income housing tax credit equities from enterprise community investment as well as $7 million in a loan from the city's hope sf program. the budget analyst concluded that the project has no fiscal impact on the city and consequently has not issued a budget analyst report for the item. i am here as well as our bond counsel and the project sponsor if you have any questions about our transaction. thank you. supervisor cohen: i have no question. supervisor mar: might understanding is this usually comes to the budget committee and because of scheduling has come through land use. having visited the housing development a few years ago, i see how the 1956 building and the structure really needs to change, so this is the first hope sf project, i believe, and the residents really need this improvement. >> yes. we have a few others that are hopefully coming

second, private financing is not going to happen. once this reality sets in, then we can figure out how to deal with the greek debt crisis in a way that it doesn't spill over into other countries and cause a much bigger problem but i think europe is still not fully recognizing these realities or doesn't have the political will to deal with them. >> woodruff: how is it expected she's going to go about changing minds? >> very delicately because you have to understand that there is this issue of perceived objectivity in all of this. there's a large number of french banks which are exposed to the greek crisis. there's a lot of other things happening. she has in the past opposed a full restructuring where the i.m.f.believes that a restructuring must happen. now she has to do a u-turn. this is going to be a little bit of fancy foot work on her part to be able to sort of pull this off. >> woodruff: what specifically though, eswar, is she going to need to do in the coming weeks? because everybody believes or the perception is that greece is

sba.gov, and look for the local page to see the local san francisco financing sources. but before you do that, the takeaway message here is that before you go to a bank, make sure you are cleared to do that. you do not want to go to a bank looking for financing for your business and ask them a question that will immediately give them a sense that you are not ready. you go to a bank and say, "how much can i borrow?" they will tell you, "i do not know, but probably not from us." you need to know exactly what you're looking for, how you are going to use the money, and how you will be paid the bank. part of the process is make sure you are prepared. the first thing you need to do is take a advantage of the resources that can help you develop your business plan and really be prepared to go to a lender. being able to answer the questions you know that they will be asking is part of what we do as well. i'm sure we will have lots of time for questions, but i will send it back to you. >> director of the office of small business with the city and county of san francisco. again, i

we spoke with the finance minister russian finance minister alexei kudrin who gave us his projections about well before that he talked about a meeting with president medvedev where he was focusing on it turning moscow into an international financial hub and the finance minister gave his perspective about the projections of future growth in the global economy. equal money printing large budget deficits will do so so for sustain the markets but it will be over one day well group isn't very stable were significant we've heard that there could be some slowdown in growth both in u.s. and e.u. as well as in showing that as the market's been a bit weak receiving showing up in its government has set the goal of good screening growth somewhat this means that we see any kind of global boom you should believe. but also mentioned a lot of the deals that had been signed here at the conference the forum and there's a lot of work that needs to be done and there's a lot of partnerships that are being formed one reason partnership according to the c.e.o. of the group. is a partnership that they signed

. >> susie: france's finance minister becomes the first woman to lead the global finance agency. >> tom: her biggest and most pressing challenge-- navigating the greek debt crisis. it's "nightly business report" for tuesday, june 28. this is "nightly business report" with susie gharib and tom hudson. "nightly business report" is made possible by: this program is made possible by contributions to your pbs station from viewers like you. thank you. captioning sponsored by wpbt >> tom: good evening, everybody. the international monetary fund has a new leader tonight-- christine lagarde has been chosen to lead the global finance agency, susie. >> susie: tom, she takes over starting july 5, and is now considered one of the most powerful women in the global financial system. lagarde is also the first woman ever to head the influential i.m.f. in its 67-year history. the 55-year-old french national has been her country's finance minster since 2007, and is an attorney by training. she replaces dominique strauss- kahn, who stepped down last month after being indicted on sexual harassment charges.

while russia's business and finance is mostly concentrated in moscow there are several days every june when the capital city gets a break that's when the big money goes to sing it is work for the international economic poor and for short time russia many saw the north becomes the place to strike multi-million dollar they also and top business when the forum was first organized fifteen years ago its goal was to restart bush economic relations between the former soviet republics the event quickly moved beyond the boundaries of the former u.s.s.r. is russia's reputably growing economy became a major attraction to foreign investors two thousand and five was the historic year for reform bill put in ceremony was attended by the president from ideal putin instantly raising the status of the event to new heights it's been dubbed the russian davos with world leaders becoming frequent guests each year has been a record breaking for the number of deals signed until the credit crunch down the last minute feed are the two thousand and nine form budget was cut by a quarter and the number of contract

this is, as i understand it, considered temporary or bridge financing. ultimately, is the bonds -- it is the bonds in item one that would have the impact on the water rates of both commercial and residential users. supervisor chu: if i could ask the puc to clarify. >> certainly. the larger projects we are talking about, the wsip project, we said the rates would go up dramatically to have a reliable water system. we suggested rates would go from about $40 a month for the regular water bill to about $41 for the wsip program -- from about $14 a month. that is that part of it. $49 million is somewhat in addition to that with the commercial paper. the commercial paper is really just a financing tool. we can borrow money at 1.25%. if we are borrowing for long- term debt, it is 5%. we issue commercial paper while the budget is happening and then we will look into the long-term debt after we stabilize the project, and we hope to get a better market for the bond rates. it is not a separate discussion. it will roll out ultimately into the regular bond issuance. it

this memo appears to confuse the district financing. it is confusing with infrastructure financing. it is just like the redevelopment plan. it appears to pervade the memorandum. we respectfully disagree. he does provide his own take on what appropriate valuations are and what assumption should be. i am not an economist. i will not take that on. i will say we have abundant evidence. it supports the economic analysis. it appears to be a difference of opinion. >> a weird about the trust's exchange that is proposed. -- a word about the trust's exchange that is prepared. they have been replaced with the infrastructure financing district. it cannot occur under state law. the exchange act is not conditioned it on implementation of redevelopment. it is not in the exchange act. the legal test is set forth. it requires that the public trust purposes are met. the shift does not affect the implementation. they apparently disagreed that it has public trust value. the state legislature reservist the jurisdiction. they have found that it promotes habitat recreation. it has already authorized a tru

my specialty is finance and the closure. my comments will be brief. certificates of participation are forms of long-term debt that provided interest in loan payments payable by a government agency. cops are you less by the city only for the construction of capital assets. egiven the security concerns of investors, it covers the central government purposes only. in accordance, they are not issued for operating in the vicinity. all issuances must fulfil the public purpose of the city. courts will defer to the legislative audit. our view is that the city charter, in adoption up specific limitations and not enumerated powers, because in the charge section, the city entered into a transaction. it is underlines. the charter does not require arrangements with full profit entities. it requires board approval for any contract or agreement, and in turn access ford tenures. that would require board approval. cops to not constitute debts, and just so that you know, the debt limit prohibits local government indebtedness or liability without a two-thirds vote of th

, but finance more generally. this may not be the case that resolved the question but it is likely to give us a hint as to which the direction will eventually take us. the second case i have is also one of the blockbuster cases of the term. it is snyder vs phelps. if there is every case to pull at the justices heart strings, it was snyder. mathews letter was killed while serving in iraq. at the funeral, a man named fred phelps and the rest of this was borrow baptist church staged tickets involving a variety of despicable signs, homophobic slurs, silver in the death of american soldiers, anti-catholic attacks. was borrowed church routinely boycott the -- routinely pickets of the funerals of soldiers because they believe that the american college of homosexually led directly to 9/11 and the casualties of the iraq war. picking funerals of private individuals have garnered was borrow -- from midwest borrow -- garnered westborough more attention than it deserves. the district court let the compensatory decision stand.

many of those cases have involved first time applications of campaign finance law. in this case you have sympathies for john edwards as i do, you should consider where you want to apply those sympathies. i chose not to let my sympathies get in the way of prosecutoring john edwards or convicting him. but at the sentencing stage, if that comes, i for one believe john edwards has already paid the full price for any violations of campaign finance law and that he should receive no sentence of jail time. nothing beyond a fine that should not be more than the cost of the government's prosecution. consider the alternative if john edwards did not face prosecution. it would mean that any candidate would know that he or she could get a million dollars or as much money as they wanted, $10 million, $20 million from rich families to cover up facts about themselves that they know would destroy their campaigns. just do the thought exercise and imagine if say a republican senator from, i don't know, louisiana was found using a million dollars secretly given by friend of his to cover

as a local finance agency, we typically provide feasibility work and make-up financing requests, the bulk of the local contribution. already providing the initial predestined element loan the estimate is that it will be approximately $7 million for housing. is believed that echolocation with it the community center will be a huge asset. our office was in discussions for a 49 union. looking at the feasibility, primarily because of the operations and the cash flow would go back to your one. however, with capitalized operating reserve, that project could be feasible. making that proposal, we realize we could potentially provide an additional financing. however, more units of affordable housing and i am happy to answer any questions. an analysis of smaller projects would require the city do put in what? another $1 million? >> these numbers are preliminary. but we estimate, based on current budget, $500,000 and more. supervisor mirkarimi: if additional funds are needed to fund a reduced development because the reduction in during this development to save we have provided capitalize reserv