Q: During the past 10 years, what changes have you seen in California's lease market?
A: Well, 10 years ago, certificates of participation were kind of a novel, controversial instrument. And now nobody remembers that there was anything other than COPs. It used to be that everybody did lease revenue bonds. But COPs have overtaken the entire market. I think primarily because they can be done on a negotiable basis, while lease revenue bonds typically require competitive sale.