i do have a quick follow up on a point made by mr. moody, in terms of the timeline for finalizing the contract. how quickly do you think that can happen? >> we have to look at the master funding agreements. >> we have been working with the air district to speed up that process. as soon as the air district sends it back to us, we should be able to get that contract out immediately to the sponsors. it is a matter of days. commissioner campos: great. i know the time line is creeping up on us. colleagues, i do not know if you have any other comments. i want to thank all of you for the work you did here. a lot of work and time went into this. colleagues, we have an item before us. motion by commissioner david chiu, seconded by commissioner avalos. can we take that without objection? thank you very much. please call item six. >> item 6. recommend allocation of $25,287,291 in prop k funds, with conditions, for fifteen annual requests, subject to the attached fiscal year cash flow distribution schedules, and amendment of three 5-year prioritization

mr. jacob moody. that makes up the collective body of our implementation committee. only the core group is legally bound by the community benefits agreements mentioned in the brief that you have. please note the community benefits agreement legally bind as a condition that the developer and the community can adhere to, and is enforceable by community representatives. in addition, our most recent efforts and accomplishments have been to serve district 10 in the area of youth employment, which came about through strategic planning sessions and countless hours of hard work. "we are charged to do -- we are charged to distribute benefits dollars in the first phase of the funding. much of what we are talking about is a pilot program. i can see this being a model that could be replicated throughout district 10. this is something we will be discussing after we understand the rubrics and the matrix and out comes. we will be able to give you that scientific forensic data you are talking about so we can aggregate the information as it relates to individuals in district 7. the t

lack of such an agreement would prompt moody's to change its outlook to negative on the aaa rating. now, mr. president, this is serious stuff, and many of us have been hoping for and working toward a serious bipartisan solution, a plan that would convince the american people, the markets and the world that america is capable of getting its fiscal house in order. and let's be clear about something else here. we all know what such a plan would look like. everyone, including the president, knows that we cannot rein in our debt without a reform of long-term entitlements. cannot be done. and everyone knows that any serious plan would have to be in the trillions to get the job done. that's why even the democratic chairman of the budget committee said this week that he wouldn't even support a plan that proposed to cut less than than $4 trillion over the next ten years. and that's also why it's so concerning to many of us that some have begun to suggest a different goal for these talks. over the past several days, some have suggested in various news stories that the real goal of these talks is to d

mr. geithner said it would be july 8. our cash flow has been a little better. if we will be responsible, we will come together and get this done. >> from moody's perspective, what would it change from last week? >> let me say this, not to speak for the people who were at the meeting, but what we learned at our trip there, if we default on our debt, which we have no intention of doing, it would cause a real mess in the mortgage market. that would have its own impact on our economy. there were some other aspects of what would happen if there was a default, which was discussed at those meetings, which woul. if that had an impact on that decision, i do not know. we will use this opportunity to take us on a path of deficit reduction. we have no intention of passing on debt to our children and grandchildren. it is the fiscal soundness of that is important to our economic growth. creating jobs and growth is one way to reduce the deficit. again, putting revenue on the table is another way to reduce the deficit and making the cuts we need to make, which we are fully prepared to do that and determined to do, to reduce the deficit. >> can i reiterate? i share the leaders'