Mayor Fran's, Ella and members of the City Council during the second quarter of 2009, the city continued to reposition assets into the three main investment categories. As of jun 30th, the city held 13.8 million at the local agency investment fund administered by the state treasurer 12.1 million held within the cemetery investment pool and 11.1 million indirect obligations of the US government for total balance of 37 million. By way of comparison as of December 31st 2008, our total balance was thirty 3.3 million, a quick note with respect to the individual securities held beginning august.

I'm sorry beginning the third quarter, 2009 through the fourth quarter of 2011, the every the 11 position we held will mature at various points during that timeframe. As such, the city will be as well positioned to take advantage of any increases of interest rates should they occur.

Turning our attention to the Lehman Brothers litigation, the county suit is progressing. The case is well into the discovery phase. However, with such complex litigation other work well into the discovery phase. Much has yet to be done, and it's much too early to predict any sort of outcome. At this stage, I will obviously update you as events warrant on the legislative front. Congresswoman Jenna Spears bill known as HR 467, is still in committee. The bills intent is to use tarp funds to reimburse public entities who suffered losses.

The difficulty according to her office with the proposal is that tarp was originally intended as a loan program, which many legislators believe is not in the best interest of these public affected public entities nor the intent of the original legislation.

So now the focus is shifting to creating a grant program as a vehicle to reimburse these public entities to provide some perspective on this san bruno, the sim and the county of san mateo are two literally hundreds of affected public entities. In discussing this issue with congresswoman Spears office, there is strong support for this approach. This grant approach, but the details are a work in progress. Nothing is really expected it till after summer, tomorrow, I will be participating in a meeting on this topic, after which I will report the results.

Thank you any questions of the treasurer son John. Thank you for the update.