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 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 t

maybe mr. blake can talk about -- we are the only jurisdiction here. maybe a perspective on that? by voter, by initiative? i would love to get your thoughts and general on the implications of what if we were not to have that restriction, not only in terms of ease of operations, but in terms of cost of debt? >> sure. i recall there was a change in the 1970's or 1980's that changed this restriction in san francisco you do not have elsewhere. i think more tools and the tool kit are always hopeful in this world. i think as the city, over the last 10 years, we have been going forward to the voters with different charter amendments. we have committed ourselves to ability to issue revenue bonds, and the voters are increasing their bonds for most of our government. so, the public utilities commission has the ability to issue bonds without a vote of the people or a series of ballot initiatives over the last 10 years. when the open space fund was reopened for rec and park, that included the ability to issue bonds for that revenue steam -- revenue stream. most recently, the libraries -- prop

tonight we will be sending the white house a message loud and clear, you will not get another blake check from us, mr. -- blank check from us, mr. president. that's why because i and 87 freshmen colleagues were sent to washington with strict orders, to change the spending cycle that is bringing our country down. and tonight the people back home will see -- mr. camp: yield an additional 30 second. the speaker pro tempore: the gentlewoman from tennessee has an additional 30 seconds. mrs. black: and we are acting for them. the american people will reject the ideal to reject a clean vote and so will the house tonight. enough is enough. the gig is up, mr. president. so now is the time to get serious. get serious about ending this debt, get serious about ending washington spending addiction, and get serious about getting this country back on track. i yield back the remainder of my time. the speaker pro tempore: the gentlewoman yields back her time. members are advised to address their remarks to the chair and not each other. the gentleman from michigan, mr. camp, reserves. the gentleman from michigan, mr.

tonight we will be sending the white house a message loud and clear, you will not get another blake check from us, mr. -- blank check from us, mr. psident. that's why because i and 87 freshmen colleagues were sent to washington with strict orders, to change the spending cycle that is bringing our country down. and tonight the people back home will see -- mr. camp: yield an additional 30 second. the speaker pro tempore: the gentlewoman from tenneee has an additional 30 seconds. mrs. black: and we are acting for them. the american people will reject the ideal to reject a clean vote and so will the house tonight. enough is enough. the gig is up, mr. president. so now is the time to get serious. get serious about ending this debt, geserious about ending washington spending addiction, and get serious about getting this country back >> and that debate on the house floor yesterday. later in the day when the vote to raise the debt ceiling came up it failed by 318-97 with a number of democrats joining republicans against the bill. the house is about to gavel in at noon to begin work on homeland security depar

tonight we will be sending the white house a message loud and clear, you will not get another blake check from us, mr. -- blank check from us, mr. president. that's why because i and 87 freshmen cleagues we sen to washington with strict orders, to change the spending cycle that is bringing our country down. and tonight the people back home will see -- mr. camp: yield an additional 30 second. the speaker pro tempore: the gentlewoman from tennessee has an additional 30 seconds. mrs. black: and we are acting for them. the american people will reject the ideal to reject a clean vote and so will the house tonight. enough is enough. the gig is up, mr. president. so now is the time to get serious. get serious about ending this debt, get serious about ending washington spending addiction, and get serious about getting this country back on track. i yield back the remainder of my tim the speaker pro tempe: the gentlewoman yields back her time. members are advised to address their remarks to the chair and not each other. the gentleman from michigan, mr. camp, rerves. the gentleman from michigan, mr. levin, is r