manager the next item item five c is an introduction to capital finance in bonds presented by nicholai sklaroff good. good afternoon commissioners nicholas sklaroff capital finance director one of the more awesome powers you have as a commission is your ability to enter into bonds both to create equity and to manage the impact of our capital costs on our rate payers. thank you. go to our slides please. over the coming weeks we have two transactions that we'll be bringing to you at your march 11th meeting. we'll be bringing a refinance hansing for our water enterprise and at your april 9th meeting we'll be bringing another transaction which will include new money and some more refinancing and we recognize that for several of you this will be your first time as commissioners approving bond transactions. and so today we want to provide you with a brief overview of bonds. now when the state's commission of that helps to educate issuers provides education on the fundamentals of bonds, they do it over three days. so i can't possibly give you everything you need to know in ten minutes here but i do wa

. >> good afternoon again commissioners nicholai sklaroff capital finance director if i could have the slides please. commissioner, as you'll recall at your last meeting we brought to you three credit facilities. these were credit facilities that backed our commercial paper program. this agenda item is for two more facilities one for water, one for power. these are slightly different facilities. these won't be for letters of credit tobacco, commercial paper. instead these will be for our revolving credit agreements where we could draw against these facilities. again, our interim funding program allows us to manage our debt programs so that we are only borrowing when we absolutely need to. we use our interim funding program to obtain controllers releases very efficiently and then to borrow incrementally. this item is for a single credit agreement that includes two separate facilities one for the water enterprise, one for the power enterprise each for $100 million. there is no cross default. they are entirely separate obligations. just as a reminder for the water enterprise last meeting