I just spoke to Dave Fuller in the Portland Office about a potential 10 year deal he wants to do as soon as possible with the referenced entity. As we all know, because of the legal issues that arose out of the "Orange County" litigation, no financial trades should be entered into with any governmental entity before legal due diligence of the counterparty has been completed and an ISDA Master is in place. Also, besides the usual issues surround the governmental's authority to enter into derivative transactions, we also need to determine whether this entity can enter into transactions as long as 10 year w/o prior voter approval. Credit, if you will send the credit worksheet directly to me I will prepare a draft ASAP and Sara will review it. Dave should be calling you with the information. Christian, if you have done any due diligence already on this counterparty we would appreciate any assistance/documents you can provide. Thank you all for your assistance with this.

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Public Utility District of Clarke County, Washington