indicated will soon consider the issuance of bonds to achieve certain financial objectives for the s.f. mta, and we will review many of the same principles that we discussed today when that matter is taken up. the overview today concerns legal context in which the as 78 will borrow money from the capital markets -- in which the sfmta will borrow money from the capital markets. they are subject to provisions of the security law. when we offer bonds for purchase to investors, we are going to be deemed as speaking to the market. what this means in plain terms is that the city has potential civil and criminal exposure would security laws. as well, the sfmta risks its reputation capital. of central relevance of us today is your responsibilities as board members in the chain of approval in the official statement. that is the document that will contain all of the materials, financial and operational information, that an investor will rely upon to make an informed investment decision. let me give you a little context. although municipal securities are not directly regulated by the united states sec