director heinicke. director heinicke: just to follow up, as i view it, there are to be will propose components about this. there is $100 million in new revenue from new issuance. and then, excuse my retail terms, but taking all of our other existing bonds and refinancing them into one $50 million apiece. the second part is what would address tom posey point because we would take all this existing profit, refinance it, but it under our umbrella at a new and preferable rate. i realize it is a wonderful time to be borrowing comparatively. i assume the cost of this refinance, for lack of a better word, is offset by the savings we would have going forward with the new interest rates and things. >> net, yes. >> ok. and on the bigger issue, i have no doubt -- and i hope the credit rating agencies here this -- that we would be able to repay a bond of this size or pay it as it goes, but the money does not grow on trees. it is going to come from somewhere. you touched on a few things. maybe we do not need to answ

director heinicke: we have seen antennas and sander hoses and things splice it. should we in case it in something else or something more so that that does not happen or does that just make it too hard to get it to wire or repair and that sort of thing? can we not put some sort of kryptonite around it so it does not happen? [laughter] >> given the market value of kryptonite, from what i understand, it may blow our budget, but your idea is a sound one, and we are looking at how to protect perhaps the shield both as the top of the cable -- we are looking at a couple of things to do to protect it, yes. as well as to get at the source of the -- >> obviously, retrofitting the sounder hose is one thing, but the reality is a lot of these problems we do not know until they happen. retrofits are hard. it seems if we could protect the cable and prevent the problem, that is two ways to go about it comes to protecting the cable makes sense to me. director nolan: other members of the board? members of the public? thank you. >> item 15, discussion and vote as to whether to cond

director heinicke has urged us to report to the public when this happens. i have to ask my staff with getting something like that in place by the end of the month. there were a few days recently where people could not get where they were going in the way they wanted to. last wednesday, and evening rush hour, we lost west portal that directs trains out to the l, forward to the k and m. the bottleneck in the subway created a considerable delay. the ripple effect of that made for a difficult rush-hour last for a difficult rush-hour last wednes

director heinicke: rare occurrence. [laughter] >> this legislative about a year-and-a-half ago. one of the niceties of the program is that it is entirely established or rescinded by choice of community residents. they had it in and after about a year-and-a-half of experience, they found it did not make much of a difference. the location is a little bit removed from the remainder of the area, so they made the decision to collectively withdraw from the program. i would want to add, this is a very rare case where the group actually joined and then decided to remove themselves from the program. thank you. director nolan is that a motion to approve? all in favor? suppose? -- opposed? thank you very much. i asked that we call 11, 12, and 13 together because they all have to do with the same thing. >> 11, presentation and discussion regarding the bond issuance and supporting legislation. well, approving it the policy that sets forth the guidelines and restrictions that will direct the mta as it prepares to enter the capital markets in coming years to issue debt to fund capital projects

director heinicke has urged us to report to the public when this happens. i have to ask my staff with getting something like that in place by the end of the month. there were a few days recently where people could not get where they were going in the way they wanted to. last wednesday, and evening rush hour, we lost west portal that directs trains out to the l, forward to the k and m. the bottleneck in the subway created a considerable delay. the ripple effect of that made for a difficult rush-hour last wednesday. we had issues with the california cable car, the comptroller that regulates the speed was presenting some issues. none that we felt posed a real safety hazard, but as a precaution, we took the cable car line down over the weekend. we were able to get it back up and running, having made the adjustment to make sure that the ride was smooth. it basically put folks on buses instead of cable cars over the weekend. and