michael carling, deputy general manager. this is a piece of property this is near our watershed. we established a program back in 2009 called the water -- watershed environmental environment program, and we established that fund with about $50 million. the purpose of that fund was to benefit us, benefit the p.u.c. and its customers. the purchase that has just become available was part of that effort, so we're basically asking you to authorize us to purchase this ranch. if you saw this map, the watershed, it showed the location of the property, and i would recommend that we actually move forward with purchasing the property, and i'd be glad to answer any questions. >> any questions by the commissioners? >> it's just -- why are we purchasing it? >> we're purchasing it because it protects the water quality of the reservoir. >> and what's on it now? any buildings or anything on it now? >> there might be some buildings on it. it was a ranch at one point in time, but it's mainly just pasture land at this point. and we're preserving it so it can't be developed in the future. >> is there

carl with his important china note. michaelmment on what you were writing about in the u.s. monday? is serious.ong it the rhetoric from beijing is worrying but we still see a fairly high bar for beijing contemplates. give us jonathan spence 101 on the separation of hong kong from the political elite in beijing. costs,e are political financial costs and their geopolitical costs. if the intervene aggressively. probably the political cost is the most serious. you can imagine what this would ,o for u.s. china trade issues it would escalate the situation in hong kong. we have an election in taiwan coming up on how the government in taiwan should deal with the possibility of independence versus reunification. the financial costs are considerable. hard to know how serious the impact is. it's a very important financial hub for beijing. kong -- comes under pressure, it is quite serious. we need to watch the situation. i think we should recognize there is a fairly high bar. >> do you have any insight on whether china wants to step in and