Provide Exemplary Service, and this is my i dont understand how it works exactly. Is it only ramp taxis that wheelchair users have, or do we have wheelchair users who also use nonramp taxis . Its not saying that they toshiba it has to be that the ramp taxi medallion holder provides a service that has a record of Exemplary Service to passengers who use wheelchairs. So, i dont know if i read that, that it has to be the ramp taxis that have provided service, that the Company Services wheelchair users. Thank you. Well, the way that were looking at it is for the service done by the vehicle itself. So, were not looking at the particular driver for instance, right now, the requirement is that there are 8 wheelchair pick ups per month. Its not driver specific. Its vehicle specific. So, we recognize that, you know, there arent as many pick ups in the evening so that driver wont have as many. But medallion holders responsible currently for making sure there are at least 8 pick ups per month. Rig
Second. Motion and second. Any further suction . All in favor say aye. Aye. Opposed no . The ayes have it. Okay. How about having a break. Sure. Thank you very much. Fiveminute break please stand by; meeting in recess [speaker not understood] any member of the public wishes to address you on this matter. [speaker not understood]. Sorry, you saved the best for last. Good afternoon, members of the board. [speaker not understood], cfo. So, this is just a presentation to let you know some of the financing vehicles, the structures were thinking about for the next coming year. Were not asking for approval. Its just an informational presentation just so you get an idea of some of the things that were discussing. So, well turn it over to peter from psm who is our Financial Advisor to walk through the presentation. I just want to conclude by saying the next time well be before you with two administrative changes. One is to the debt policy you approved a year and a half ago. There are some clean
To the point if green cab has no history of ramp medallions, should they still be able they will still be able to participate in the ramp permit program. Well, the way that its written, it is not as much. However, this is a starting point for us. So, what were going to start with is who has a history of that performance. Does it guarantee theyll always do well . So, its part of the use agreement assuming they dont do as well for whatever reason. Wed be pulling those back and redistributing them to companies that do express an interest, the desire that want to service that community. Thank you, thats all i had. Thank you. Any other directors . Thank you very much. We closed public comment. So, members, what is your pleasure . I do have [speaker not understood]. I think it is important for us to look at this as a starting point. There is a lot of work to be done on this Program Overall in terms of ensuring equal access for [speaker not understood] out there. I tried to get a ramp cab at
And its worth noting on that final bullet that the debt service for this contemplated issuance has already been included and approved as part of your 201314 budget. The commercial Paper Program, theres a lot going on on this page. And im not going to try to cover all of this. The take away is what weve already noted. The short term maturity, that first bullet category in that right hand table, has a maximum maturity of 270 days. And upon maturity its up to a commercial paper dealer and investment bank, bank of america, a morgan stanley, that type of institution to roll that over to new investors. And they can do that for years. And typically they do. But staying so short with each maturity is what gives you the benefit of the low rate. So, youre going to have really heres the two take aways for the commercial Paper Program. It gives you flexibility to draw down on it as needed and only pay as you draw. And you could repay it a soon and as often as youd like. Here are some details of ho
Yesctionv used, how its expected to be used here in your case. Generally again, the Program Requests the authorization the request will be the full 250 million. With commercial Paper Programs you typically dont initiate the full authorization on day 1. So, on day 1 the idea is of that 250 million, 100 million will be established. So, youll be paying on the full 100 from day one, not the 250. So, thats a mechanism of to put authorization in place but reduce costs. The estimated cost for the 100 million, assuming it were all drawn for an entire year is about 2. 2 Million Dollars in interest costs. And im going to show you the full work up of costs for these three transactions. The commercial Paper Program currently is expected to stay outstanding until 2019, okay, at which point approximately 100 million will be converted to longterm debt. And, so, much of this would be repaid through to the directors point with cash on hand. If federal dollars come in, youd pay a draw on cp. If [speaker