Merced

Sara,
Under the influence of a heightened sensitivity to the issue of Muni
authorization, we need to know whether or not our ISDA with Merced has any
restrictions on length of transactions which we should be aware of. Stewart
wants to do an 18 month swap soon. Mark T. looked it up on the data base for
me and apparently the Board of Merced passed a resolution approving the ISDA
and "certain transactions" thereunder. We need to know what kinds of
transcations they can and cannot do. Thanks very much.---cgy