strum ma carlie and prince lynch our bond council associated with jones hall and disclosure council russ trice and one of our under writers with default and i believe that russ is going to speak to you when i am done about the commission's duties to disclose in as full and accurate away as possible. before we issue this new gap. so, staff is proposing to refinance nearly $30 million in outstanding revenue bonds. we are requesting that the commission give authority to issue these refunding bonds in an amount not to exceed $27 million but staff expects to issue 23 and a half million dollars of bonds. we estimate that this refunding will create $13 million in savings over the life of the debt with a net present value of almost $8 million and the majority dates of this debt that will remain the same. the goal is stability by creating savings that may be applied to capital projects or other strategic needs of the organization and also by reducing the port's annual debt service which improves our over all financial stability. in revenue bonds to support construction of the cruise ship terminal and t