Construction and we have completed construction on 65 projects worth about a billion dollars or actually 1. 3 billion. Now, as always we have a number of accomplishments to report. Rather than read off of these off to you, i just want to highlight the last 3 bullets. First of all our risk does continue to come down as we complete these projects and we complete the shut downs associated with these projects. In fact, weve completed 176 of approximately 200 shut downs and we havent had any major schedule glitches associated with those shutdowns to date. We have achieved level of service on 33 of the 44 projects to date, so right now were about 70 percent in terms of level of Service Achievement on the seismic reliability goal. By the end of this goal well be more like 90 percent, which is a major accomplishment and of course we wont reach final until 2018. Then thank you, commissioner, for acknowledging the safety rate with a rate at less than half the industrial average. We went out to t
On the seismic reliability goal. By the end of this goal well be more like 90 percent, which is a major accomplishment and of course we wont reach final until 2018. Then thank you, commissioner, for acknowledging the safety rate with a rate at less than half the industrial average. We went out to the field and issued certificates to the active construction teams and there are some happy faces and proud moments for those folks because this is a major accomplishment, including the construction teams consisting of the contractor personnel, the Construction Management personnel, which is city staff, Construction Management staff and of course our partners in labor. Youve seen this slide before but i like to put it up because its a great visual reminder of what were trying to accomplish to achieve that life line across the bay across 3 major earthquake faults in the bay area. The blue line represents projects that are complete and the green represents projects in active construction. As you
Organization and rate payers money. In 2012 a couple years ago we received the authorization to refund up to 500 million in bonds from the board of supervisors. We used a little bit of that in that year, 2012, so we are coming forward to you today to use the rest of that existing authorization. So what were proposing is to request from you an approval of to refund up to 450 Million Dollars of outstanding bonds. We look forward to bringing that to the market probably next month in march. They will be tax exempt bonds and right now were looking at Interest Rates of around 2. 7 percent for those bonds and just to give you a sense what that means, our current bonds are right around 4 1 2 percent so were bringing the 4 1 2 percent bonds down to an average of about 2 1 2 percent. Up to 30 year bonds but the vast majority of the savings that we will recognize will be over the next 5 to 6 years because, again, the Interest Rates over the next 5, 6 years versus 30 years is a bigger differential
Which would we have to make a decision on, what information would we need to be queued up to more deeply explore those two options . Were developing that information for you now so we hope to come back a couple meetings from now and start having a discussion what it would look like. When you have a discussion about rate structures you need to look at what are all the options available to you and balance that against you just mentioned, theres a belief that theres a conservation rate, a volume metric rate people use less therefore they save more. On the other hand theres a 24 7 cost to doing that with our crews and everything else, so how do you balance the two of those. Were kind of looking at what other people are doing at this point in time. We changed our rate structure or begin to change our rate structure but this is a longterm process, this is not going to happen over the next couple months. So its a discussion we need to have with you. I think the longer term, certainly the righ
Of level of Service Achievement on the seismic reliability goal. By the end of this goal well be more like 90 percent, which is a major accomplishment and of course we wont reach final until 2018. Then thank you, commissioner, for acknowledging the safety rate with a rate at less than half the industrial average. We went out to the field and issued certificates to the active construction teams and there are some happy faces and proud moments for those folks because this is a major accomplishment, including the construction teams consisting of the contractor personnel, the Construction Management personnel, which is city staff, Construction Management staff and of course our partners in labor. Youve seen this slide before but i like to put it up because its a great visual reminder of what were trying to accomplish to achieve that life line across the bay across 3 major earthquake faults in the bay area. The blue line represents projects that are complete and the green represents project