also, as mr. blake indicated in a very conservative manner, the one thing that people are really concerned about is will we be able to pay it back. what we're talking about is that service that would be on the order of 1% of the revenues of the agency, so not only with the instruments be very conservative, the amount of debt that we would be proposing to you -- very small relative to the resources of the agency. i do want to thank ms. bose and mr. blake for the presentation. we do think it is important that the board's fully understands the responsibilities that we would be undertaking. >> you approved the debt policy at the last meeting which very much constrains what we can and cannot do. i too was very clear on the parameters of debt, said that as further assurance that we will be very financially disciplined as we embark on this. director heinicke: my only question is procedure. i think this is clear, but at the beginning, you said we were on the verge of issuing debt. we are on the verge of conside

mr. blake will go first. president nolan: good afternoon. >> i will take a moment here. i have some preliminary comments first. commissioner, chair, the responsibilities imposed on the federal securities law on officials in connection of the authorization of debt in the capital market. i also want to thank another person for making this happen today. it is timely. i am mark blake, and i am a deputy city attorney. today, we are very pleasant -- pleased to have sean tierney from a law firm here, a national leader in this area. mr. tierney has an expensive -- extensive resume and the gray hairs to share for it and is an expert in the area of securities law. the law firm is also currently serving as disclosure counsel for the city and its principal adviser to the city and its general fund department for securities law questions. our presentation today is in some sense part one of the board municipal securities disclosures training. this board has indicated will soon consider the issuance of bonds to achieve certain financial objectives for the s.f. mta, and we will review ma