today, we are very pleasant -- pleased to have sean tierney from a law firm here, a national leader in this area. mr. tierney has an expensive -- extensive resume and the gray hairs to share for it and is an expert in the area of securities law. the law firm is also currently serving as disclosure counsel for the city and its principal adviser to the city and its general fund department for securities law questions. our presentation today is in some sense part one of the board municipal securities disclosures training. this board has 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