it is almost a part of the tax gao bonds. it is higher than lease revenue bonds. if we were to say that lease revenue bonds were able to be issued without the voters, not much of a difference really? >> we do have a process where we do have voter approval. [unintelligible] in the last instance, it was a 65-71 vote. it was rated differently than the other c.o.p.'s before you. supervisor farrell: thank you. >> i apologize, supervisors. i found an error that will change the analysis. the $590 million is total debt service. that is going to change the analysis. we will revise that. supervisor farrell: ok. supervisor chiu: thank youchiu -- supervisor chiu: thank you. supervisor farrell: i guess next is the mayor's budget office. i think the two things i wanted to briefly touch upon -- historical practices in city hall, how we approach things. the notion of capital expenditures, not looking to the future in this november. the commitment to stay here. but also, a discussion of how we are approaching. there are a number of big-ticket items. this is real dollars compared t

if we are unable to secure gao bond support, we need to look at that. supervisor farrell: do we ever articulate as a policy matter, as a policy matter the city and county has decided this is something we need to do and this is not approved, our borrowing expenses will go up five x, because we're going to have to use c.o.p.'s, and that is what you are also voting on? >> yes. ben is reminding me he was part of the conversation on san bruno, and i think that is something we can probably do better. it is also a complicated message when you're talking about communication about a bond measure that most people are not spending a significant amount of time on. " we've tried to do as part of the capital plan is to do a better job -- what we have tried to do as part of a capital plan is to do a better job communicating, to look at the capital plan, to be more up front about some of the analysis about the trade-offs, what the costs are through her a gao bond, what the costs are if we do nothing. i take your point. we could do a better job in this case is about bee

next slide is showing the difference between our credits for the three rating agencies, because gao bonds are higher. on the last slide, i thought i would share this as well. estatewide, it is the dark bar s san fran. we, the city and county, really use this tool. we do participate in a small portion of that. ei will be happy to answer any questions. supervisor farrell: i think what i want to make sure is i got a lot of calls for 10 minutes from my constituents and other people. i hope to make clear what a great job you to managing this program. this policy of the board and otherwise that is in our past practices. not in the least, our professional staff does an amazing job. thank you. >> as always, a great presentation. supervisor farrell: i would like to ask the city attorney. i suppose mr. blake would be the one. really, to talk about cop's in particular. if anyone has a more historical perspective, specifically how it works. >> my name is mark blake, and i am a deputy city attorney. my specialty is finance and the closure. my comments will be brief. certificates of participation are f