water improvement project and $38 million, as you've seen in your annual budget, $38 million for local water mains. we project a bar when costs of 5% to 5.5%. we have requested a four-year term on the bonds. we will review the terms of the bonds and go through all the materials. this is a very large packet which is familiar to you. this is consistent with the previously-approved ordnances by the board of supervisors, and we will be going back to them as we go before them for our budget, also authorizing resolutions for capital funding for that program. the use of proceeds is summarize for you on slide four, and this shows that on average, in the far right column, 74 cents of every dollar goes to pay for the project be our building. the remainder goes to interest costs, debt service reserve, and a small amount for ensured cost, and also a very small amount to the revenue bond oversight committee and their auditing of our bond program. the forms of agreement are long, but they are very usual. the official statement goes through all the revenue projections, which you are familiar with. supplemental i