mr. jensen reported out. and, so, the next times we'll be able to refund bonds is 2016 and 2020. so, it's really just to keep the microscope on all the projects in particular mr. [speaker not understood] does quarterly and [speaker not understood] will do for the sewer system. i think those are the key variables as well as the power enterprise. >> any other questions by members of the commission? i think we'll go to public comment and then move to accept the amendment and then the final report. oh, do you want to call those separately, for a motion separately? all right, fine. let's hear the public comment first. >>> good afternoon, commissioners. eddy young with broad line defense project. [speaker not understood] on the slide this particular budget item. there is mention, very brief mention of a program that bright line has advocated for in the past, go solar sf. it is an important program that has been recently involved 2012 with the mayor's energy task force been recommended as one of the key components in the city strategy for reaching 100% renewable energy target. and the f

mr. jensen to make his report. >>> and we have been wait weight for that. >> okay it's very fascinating to listen to you deliberate about some very complicated matters. i'm glad that history show there are americans that pale in comparison that used to be quite dissectorring for and you have -- quieted the quarter waters and good luck on all the other issues. with respect to the report that i amed to messenger again about the bondishance and i'm going to milk this for everything that it's worth. tomorrow morning it's not over yet. tomorrow morning, the next time i stand before you i'll say something else but we close tomorrow morning on the entire commission of bonds and we are giving it to you but you don't get to spend it all in one place, we are wiring two forty seven million dollars to smps in this building i guess and one $90 million goes into an escrow account and that is because today has to spend it in the right way and i'm pleased that we have gotten to this point and our folks are thrilled and the other thing that i want to mention is commissioner moran said can you get a joint p

mr. jensen? >>> i would like to have your inputs and since your organization is with the resolutions with the. >> thank you mr. president and members of the commission. first of all, a error fact is that the item before you would put any future vote in the hands of the governing bodies of the wholesale customers not bawsca and our agencies are appointedded by those agencies and so all of officials would be casting a vote on the future supply of the water agreement are elected officials. >> what is the fact? >>> this is an amendment water supply agreement that you have to wholesale customer and is it would go to do those wholesale customer and is to you in the future for further amendments because of what is written in the contract. beyond that, i would be glad to answer any questions but i thought it was important to correct those two statements. >> all right any questions by members of the he commission. >>> air force question about this litigation point is that addressed? what will happen if lit

mr. nils jensen. he is a senior traffic planner working with strategies and planning in the traffic department of copenhagen. he is educated as a landscape architect starting his career in the danish cyclist federation in the late 1970's, has worked with cycling research projects at the danish technical university, has conflicted to national danish cycle planning and has been involved in european union projects on zero and low-emission vehicles as well as cycling benchmarking. he has been the coordinating of a car-free cities conference and another conference in copenhagen. nils. >> i'm very happy to be here today and i'm going to talk about planning for a wide range of users, not just for the strong cyclists. i'm not too familiar with this. it's very easy. just keep to the right. in our cycling policy, we present a starting point for the policies for cycling, what we call the transport quality and we are looking at safety, of course, which are the statistics, but we also very much looking at the sens

jensen. >> thank you, mr. president, members of the commission. art jensen with bawsca. on thursday, the 31st, we completed the issuance of bonds back in new york. we ended up -- we had taxable and tax exempt bonds. we ended up with a combined interest rate of 3.14%. it was a very successful issuance. we had a conservative, appropriately conservative estimate of saving the customers 20 to $30 million. the savings end up penciling out at over $62 million. >> congratulations. >> thank you very much. >> now, who bought your bonds? >> pardon me? >> who bought your bonds? >> goldman handled -- they were the lead manager. it went to a variety of retail institutional investors. >> institutional investors. >> it was a great thing to witness and very educational. >> the county seems -- economy seems to be coming back. imagine that, and romney isn't president. thank you. [laughter] >> the last item i would like to point out that david hoff child would like to congratulate him. the governor just selected him as the commissioner of the california energy commission. >> our condolance

jensen? >>> thank you mr. president and members of the commission. i want to make a couple of points first of all, your staff has been helpful and cooperative in terms of our review and looking at what the project entails and where the program stands and some of our questions, i think you put much more simply mr. president when you said do you have enough money can you find it all and the answer to that question is what we would like brought back in the tabular form so we can all see had a and be assures and your second question is is it going to go to 117 toward one 17 or what? and that is right is there going to be enough for

jensen? >>> thank you mr. president and members of the commission. i want to make a couple of points first of all, your staff has been helpful and cooperative in terms of our review and looking at what the project entails and where the program stands and some of our questions, i think you put much more simply mr. president when you said do you have enough money can you find it all and the answer to that question is what we would like brought back in the tabular form so we can all see had a and be assures and your second question is is it going to go to 117 toward one 17 or what? and that is right is there going to be enough for contingency and is this project and the contingency is nowcy on this project and those are the question that you saw see in the recommendation and is then some recommendations also with respect to schedule and i think one of the most important one there is meeting the level of service goals if this is the one project of all the wsip project that go along and all of the other activities including the activity not managed by lab

closing bell exchange rob mciver from jensen investment management and david steinberg from dls and brian beleskey from bmo capital markets, and our very own rick santelli. mr. beleskey, you've been bullish this market. i know you don't think it's going to go straight to the sky in one line, but what do you make of this latest turn in sentiment the last couple of days? >> stop the presses, bill, the market is down. everyone looking for a bit of a correction. we just got back from europe last night and european investors aring is a 2013 so far. gotten into european stocks a little bit early and have forgotten the u.s. remains the best and most stable asset in the world. stocks have gotten a little ahead of themselves. from a longer term perspective we've always said people that try to predict corrections it's a fool's game. invest longer sperm, stay with the quality stocks and the best equity in the world. it's right here in the united states. >> yeah. but you can't put your money in stocks and forget about it, right? when you look at the federal reserve and its actions, rob, how do you navigate the fed taking its foot off the gas a little bit? a lot of deba