970915.docx

DECISION MEMORANDUM
TO:COMMISSIONER HANSEN
COMMISSIONER NELSON
COMMISSIONER SMITH
MYRNA WALTERS
DON HOWELL
STEPHANIE MILLER
DAVE SCHUNKE
SCOTT WOODBURY
DAVID SCOTT
TONYA CLARK
BEV BARKER
WORKING FILE
FROM:TERRI CARLOCK
DATE:SEPTEMBER 15, 1997
RE:PACIFICORP’S APPLICATION TO ISSUE AND SELL OR EXCHANGE NOT MORE THAN $750,000,000 OF DEBT, ENTER CREDIT SUPPORT ARRANGEMENTS AND CURRENCY EXCHANGES
CASE NO. PAC-E-97-3
RECOMMEND: APPROVAL
PacifiCorp was granted authority in Case No. PAC-S-96-1, Order No. 26393 to issue and sell up to the $750,000,000 of debt.  The Company has currently issued $700,000,000 of the $750,000,000 covered by Order No. 26393.  PacifiCorp requests at this time authority to issue an additional $400,000,000 in debt.  The current authority would then be for an additional $450,000,000 or a total of $1,150,000,000.  PacifiCorp requests the amended authority of $1,150,000,000 to remain in effect until December 31, 1999.  The proceeds of the debt will be utilized to reimburse PacifiCorp’s treasury, refinance current financings and for current construction projects.
The cost of the issuance is expected to be approximately 2% for the underwriting fees and $520,000 for other issuance expenses as follows:
Securities and Exchange Commission fees$136,038
Regulatory agency fees      1,000
Company’s counsel fees    70,000
Underwriters’ counsel fees and other expenses    90,000
Accounting fees    30,000
Printing and engraving fees    50,000
Rating agency fees    90,000
Trustee fees    20,000
Indenture recording fees    20,000
Miscellaneous costs   12,962
         TOTAL$520,000
STAFF RECOMMENDATION
Staff recommends approval of the application through December 31, 1999.  The Company as agreed to provide notice to the Staff of the final terms of any issuance prior to the issuance.

Terri Carlock
TC:udmemos/pace973.tc