From:  MCALLISTER Larry

Sent:  Wednesday, June 03, 2009 5:59 PM

To:  WOLGAMOTT Mitch

Cc:  VERNON Pat

Subject:  SRF rulemaking update

Mitch, Pat

Just a heads up regarding your involvement in this rulemaking. You will recall that the SRF program took a temporary rule to the EQC in April for adoption. That rule established certain rules within the SRF program that allowed the program to accept ARRA stimulus funds.

We are now in the process of following up with a permanent rulemaking to ensure the adopted changes in the temporary rule are….permanent. My understanding is that Mitch you “Opted In” to this rulemaking and have delegated that participation to Pat.

The plan is to take the proposed permanent rule out for public comment in July, then to the EQC in October before the temporary rule expires.

We don’t expect to make substantial changes to the rules adopted in April. I do plan on sending the proposed language and the notice documents to you Pat as part of the internal review before we go out to the public. That review is scheduled for the week of 6/19-6/25. Please set aside time on your calendar to review these documents.

If between now and mid-June we do make substantial changes to the rule language, I will get your feedback then, before the review process.

Questions, give me a call.

Larry

503 229-6412