SMUD is working on a weather transaction with Enron which may get completed 
shortly - since this is a financial deal we need to get a ISDA in place 
asap.  I believe this is a blacklined copy of the ISDA.  Feel free to call me 
or Gary Taylor at 713-853-1511 to get more info on the weather deal. 


Stewart 

PS I hope this leads to us getting the power schedule as well!


---------------------- Forwarded by Stewart Rosman/HOU/ECT on 08/08/2000 
12:04 PM ---------------------------
   
	Enron Capital & Trade Resources Corp.
	
	From:  Gary Richardson <GRichar@smud.org>                           
08/08/2000 09:53 AM
	

To: "'Stewart Rosman - Enron'" <stewart.rosman@enron.com>
cc: Marino Monardi <MMONARD@smud.org> 
Subject: SMUD ISDA Master Agreement and Schedule


Marino Monardi asked me to send a copy of our ISDA Master Agreement and
Schedule for your review. He would like to have these agreements in place to
facilitate the precipitation hedge he is discussing  with Enron. We have not
included a Credit Support Annex. Since we are a municipality, pledging
assets as collateral involves complications that could possibly impact the
schedule Marino has established for finalizing the precipitation hedge
agreement. As an alternative, I believe he is open to making periodic
payments during the year in lieu of providing collateral as financial
positions change.


Gary W. Richardson
Project Manager - Wholesale Power Credit
Sacramento Municipal Utility District
Phone (916) 732-5265
Fax      (916) 732-6194

 <<ISDA Master Agreement (Local Currency) FORM.doc>>  <<Schedule to Master
Agreement (SMUD).DOC>>


 - ISDA Master Agreement (Local Currency) FORM.doc
 - Schedule to Master Agreement (SMUD).DOC