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 want to provide you with an overview . we have