Ad valorems do not necessarily decrease as a result of depreciation, because 
millage rates and a current years reassessment also are part of the 
calculation. 

Have they asked for this?

 -----Original Message-----
From:  OrshefskyD@GTLAW.com@ENRON 
[mailto:IMCEANOTES-OrshefskyD+40GTLAW+2Ecom+40ENRON@ENRON.com] 
Sent: Thursday, May 31, 2001 6:19 AM
To: Jacoby, Ben; Krimsky, Steven
Cc: Mann, Kay; OrshefskyD@GTLAW.com
Subject: Re: FW: Attached Files

We wanted to maintain a recurring 1.5mm and since ad advalorems will
decrease as a function of depreciation we thought the way to maintain the
constant we to increase the 650k at the same rate as the depreciation.
--------------------------
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