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So it was the town who did it. Thank you. [applause] good evening. Im the Program Director here at the town hall and its my pleasure to welcome you to this evenings event presented by by telephone and University Bookstore as part of the seattle lectures. The purpose to of the caucuses by microsoft sponsorship provided. Our program will run for about 40 minutes tonight and after that we will have time for questions. We ask that you come to the microphones at the end of the stage so we can pick you up for the recording we are making and also that cspan is making. So brighter than usual tonight a...

So, the bonds have an outstanding appropriation authorization in place of a little over 800 million, 821 million. Now, no bonds have been issued against this authority as of yet and, so, this transaction would use up about half of that half of that authorization. Of course, our Capital Planning committee as well as our commission has approved this item. In terms of what well spend the money on, we have commercial Paper Program in place, about 300 million of authorization. Well refund outstanding commercial paper with this transaction. We have three main areas of spending in our capital program...

Still have oversight over it. Can you explain that a bit . Yeah, i think we would recommend that those funds be held on the controllers reserve and we work with the controller to provide reports to the board on expenditures of funds in excess of 100,000 so that it can be done in effect an administrative matter but still reported to the board in a way the board feels like it has full knowledge and ability to control it if there is something going awry. Why dont we go to the budget Analyst Report. [speaker not understood] reported under the proposed ordinance, the initial mitigation agreement be...

100,000 to the budget and finance committee for the same purpose over and over again, that might earn be the best and highest use of our time. Not the puc has come up with alternatives to make sure we still have oversight over it. Can you explain that a bit . Yeah, i think we would recommend that those funds be held on the controllers reserve and we work with the controller to provide reports to the board on expenditures of funds in excess of 100,000 so that it can be done in effect an administrative matter but still reported to the board in a way the board feels like it has full knowledge and...

Commission has acted to say when you do receive any of these mitigations that they be used to sure up the transmission lines or some of the other things that its meant to mitigate, that via contract or the intention was for mitigation fee, correct . Thats correct. And so, i think whats going to happen is if we have every 100,000 to the budget and finance committee for the same purpose over and over again, that might earn be the best and highest use of our time. Not the puc has come up with alternatives to make sure we still have oversight over it. Can you explain that a bit . Yeah, i think we ...