ms. boomer, next item. secretary boomer: can we call item 11 together? ok, item number 11, a discussion of the disclosure in due diligence. >> a set of bonds. this presentation this afternoon is going to be done by sean tierney, who is the council from a firm, and the reason this is very important is because we have to make a pledge to the bondholders that we are disclosing all of the mta issues in our document so that their bondholders feel comfortable that we're being honest and forthright about our information, so the two gentlemen are going to walk through the legal requirements of this so you are fully aware of the implications of the bond issuance. we will turn that over. who goes first? 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.

boomer: item number seven, the directors' report. >> a brief report. starting off with special recognition awards, we have just two awards, one individual and one team, let me just ask ms. linda when -- ms. linda willis to step forward under the direction of ms. johnson and annette williams. linda is in the services division, and she is being honored for the successful transition that she led for the regional transit connection customers on to the clipper system. we transferred this in 2010, and linda was heading up the rtc office at that time. a very difficult transition for many for whom the electronic media was a very foreign concept. she required a lot of specialized outreach and customer service and development of materials in multiple languages, kind of a difficult transition for this population that had fears of new technology and other concerns. she had to work on the technical side with the clipper and their staff to work through issues and was dealing with people who need, because of their varying disabilities, maybe need more or specialized attention than others would. we now have as a result 7000 disabled clipper card customers that are using their discount