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Northern and southern book ends and the idea was that the early funds would be used to deliver, high speed rail, related up grades that could be completed and delivered to the public earlier, than the over all high speed rail system and so also, as part of this mlu it was negotiated that the funds that go to the Northern Book end would go to complete the cal train electric identification and positive train control because those are important regional projects and certainly relate to the Transbay Program as well in terms of the dtx and the benefits that were included in the mlu. And included in...

Funding Grant Agreement you get a guaranteed amount for the federal funding for construction and it is a significant amount of funding and so, that opened up the two shots in the pipeline, and it was a long term goal for tjpa to get one of these designated. And it is falling away and the largest funding stream that exists for this type of a transit expansion, those are made officially made in the regional plan and the most recent version was named, plan bay area and in the plan bay area, the dtx was designated for the regional priority as well as the second half of the project and as part of t...

Going to turn it over to jim, who is with spary consulting and is he part of our Financial Consulting team. Good morning directors, i am jim martin at sparry capital. And we are an Advisory Firm and the overview. And now, i dont think of p3 as the appropriate vehicle for every project. I advise, cal transseveral years ago on a 100 million straight resurfacing of i80. And that was not the profile for a p3 project. A p3 project rather should be complicated, and in large, with challenges that can be identified and through ensentive and proven to the private sector and we think that it is a prime ...

Cal train, and sam transand dta and the city of san jose. At the same time that the Business Plan was revised the High Speed Rail Authority had agreed to release the early prop one a funds to the northern and southern book ends and the idea was that the early funds would be used to deliver, high speed rail, related up grades that could be completed and delivered to the public earlier, than the over all high speed rail system and so also, as part of this mlu it was negotiated that the funds that go to the Northern Book end would go to complete the cal train electric identification and positive ...

Grades from it. And in terms of the Transbay Program as part of this the negotiation it was agreed that the dtx would be designated as a regional priority for the federal program. And the, region has typically carried to the projects, and this is in the new starts with the funding and Northern California has received. And for the many years, the projects in that type line and the central subway and the first half is the part of the san jose and those two projects were negotiated on the verge of completing the full Funding Grant agreements which is the last step in the new starts pipeline when ...