Steve --

Attached please find the Final DASH for Springs and Quebecor.  

RAC has modified the Springs DASH to (a) raise the capital price and (b) 
remove the direct NPV impact of Govt Affairs' rate forecasts but added 
lanaguage showing economic impact if our forecast occurs.  Total NPV change = 
$3 MM increase from earlier DASH.

During the Friday Underwriting meeting Rick Buy decided to hold off sending 
these deals in the Board packet.  Looks like they will want our signature on 
Monday.

My recommendation would be to sign-off on the DASH but to force the issue 
over how RAC should price future deals.

JDS





---------------------- Forwarded by James D Steffes/HOU/EES on 04/21/2000 
11:26 AM ---------------------------
From: Karen L Barbour@ECT on 04/21/2000 09:59 AM
To: James D Steffes/HOU/EES@EES
cc:  
Subject: EES DASHs - Springs & Quebecor  

Please review the attached finalized Springs and Quebecor DASHs, which 
reflect Dave's recommended treatment of the NPV related to the tariff 
forecast.  The original hard copies will be routed through your department 
for signature some time today.  Let me know if you have any 
questions/concerns.  Thanks.