the sfmta approve the process in their resolution. and the board of trustees has unanimously approved this as well in a meeting on june 20, 2011. the apartment -- the apartment found it consistent -- all of these items are part of the board filed. i am joined by lisa from the office of economic work force development. she has my personal gratitude for her tenacity to keep this moving forward and i am pleased to finally get this final piece of the puzzle for you today. i am happy to answer questions you might have. supervisor mar: seeing no questions, let us open it up for public comment. anyone like to speak? we have hannah stewart and brittany hammond that have signed up to speak. >> walter paulson. ♪ oh, city, take a look at me no you are there on the floor wanting me to have better land use now ♪ ♪ don't go thinking of want collegi don't want better college districts maybe i do ♪ supervisor mar: miss stewart, miss hammonds, please come forward. >> my hame is hannah stewart. my comment pertains to the first issue being the proper re

-- it is the sfmta's document. this is your story. in reviewing it, make sure that it tells the tale that you want to reflect. basically, the document should contain actual, verifiable information in a clear and understandable manner. i think that is the key point. observation one -- the sec and investors have exquisite 20/20 hindsight. that means that that fact that you -- well, we do not need to talk about that, that will be the key thing that a claim is made that should have been disclosed. we want to disclose everything without, obviously, burdening somebody in a blizzard of information. then, our decision point on whether to disclose or not to disclose -- well, look at observation one. remember, the sec can impose civil penalties and make recommendations to the doj. i did not mean to overemphasize that, but i do not mean to minimize it, either. my experience in san diego tells me that decent people that were trying to do the wrong thing had their careers ended by simply a lack of attention. i have been trying

one grant for $1.5 million is going to a joint venture of the sfmta and the city car share for electric bike sharing and car sharing demonstration. $480,000 them into the of 34 parking pricing in regulation study, which is going to be helpful for parking-based pricing options to fall on the environmental studies in the city. the last thing is that caltrans has done a pre-award audit of the authority, and we have a clean audit report. there are several items on the report, and i would be happy to answer questions about them. supervisor mirkarimi: thank you. supervisor campos: thank you very much. i wanted to make one general comment. one of the things that supervisor wiener and i have been working very diligently since we were appointed to the ntc was making sure that the funding issuance and other decisions are being made at the mtc and that we continue to speak with one voice. i think that we have managed to do that. i think it is especially important with some of the projects, especially those that perhaps did not receive the kind of rating that they should have, that we continue to s

to thank mayor lee for his commitment literally now almost two years ago to work with my office, the sfmta, city administrator's office to really figure out how we can roll out this new and exciting pilot project. and you're going to hear more about these details but the thing i will say in conclusion is with the city family coming together, we're going to provide another transit option for all of san francisco to hopefully bring us closer to our vision of a transit first city. with that i would like to welcome mayor lee to russian hill and welcome mayor lee has been a champion for car sharing and obviously making sure we have a transit first city. and i would like to invite him to say a few words. >> good morning. thank you, president chiu. yes, it was over two years ago where we began this conversation. but it also began with our own city fleet. and we were talking with city car share and zip car about how we can share vehicles and reduce carbon emissions and all of those great goals that mayor gavin newsome had announced that we wanted to really do enthusiastically. so if you see right

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 securities and exchange commission, the sec does regulate the municipal market indirectly through its regulation of underwriters, broker-dealers, and other participants. it also does this by way of its enforcement action and through public pronouncements. recently, the chair of the sec and certain of its commissioners have made an improvement to the securities disclosures packet for the court objected. in a july 15, 2009 s speech, the chairman, mary schapiro, stated more needed to be done to put disclosure of securities on par with the disclosure of corporate. i plan to work to req