Please prepare an ISDA comparison for SMUD using the attached form of 
Schedule.  Stewart Rosman is Enron's commercial contact in Portland.  SS
---------------------- Forwarded by Sara Shackleton/HOU/ECT on 09/13/99 06:16 
PM ---------------------------

Christian Yoder

09/13/99 05:50 PM
To: Sara Shackleton/HOU/ECT@ECT
cc: Stewart Rosman/HOU/ECT@ECT 
Subject: ISDA

Sara,
Stewart needs help with yet another ISDA situation.  It's gotten to the point 
where he's such an ISDA advocate that we are going to have to consider 
nominating him for Legal's prestigious  "Best With Legal Paper"  annual 
award.  Let me know if I can help in any way with this.--cgy 
---------------------- Forwarded by Christian Yoder/HOU/ECT on 09/13/99 03:47 
PM ---------------------------
From: Stewart Rosman on 09/13/99 03:31 PM
To: Christian Yoder/HOU/ECT@ECT
cc:  
Subject: ISDA


---------------------- Forwarded by Stewart Rosman/HOU/ECT on 09/13/99 05:32 
PM ---------------------------
   
	Enron Capital & Trade Resources Corp.
	
	From:  Marino Monardi <MMONARD@smud.org>                           09/13/99 
03:22 PM
	

To: Stewart Rosman/HOU/ECT@ECT
cc:  
Subject: ISDA



Stewart,

Sorry this has taken so long, however we have a copy of a draft ISDA that
our legal folks have developed. I would appreciate Enron's comments
regarding this, so if you could, please pass this on to the appropriate
people and get back to me.  Thanks.

 <<cvxk02!.DOC>>
Marino Monardi
Treasury and Business Planning
Sacramento Municipal Utility District
e-mail: Marino.Monardi@smud.org
Phone: 916/732-5870
Fax: 916/732-6131


 - cvxk02!.DOC