1.

Call to order Executive Session

C. Karnei

7:30am

2.

a.  Approval of executive session minutes (Vote) (04/22/09)

C. Karnei

7:30am

b.  Approval of executive session minutes (Vote) (03/17/09)

C. Karnei

7:32am

c.  Internal Audit status report

B. Wullenjohn

7:35am

d.  Internal Audit 2009 goals update

B. Wullenjohn

7:40am

e.  EthicsPoint update

B. Wullenjohn

7:50am

3.

a.  Debt financing and liability risk management

C. Yager

7:55am

b.  Preview of BOD insurance update

C. Yager

8:25am

c.  External audit draft Request For Proposal

M. Petterson

8:30am

4.

Contracts, personnel, litigation and security

Various

8:45am

Recess Executive Session

8:50am

Convene General Session

5.

Approval of general session meeting minutes (Vote) (04/22/09)

C. Karnei

8:50am

6.

Vote on items from executive session (Vote)

C. Karnei

8:52am

7.

Approval of Internal Audit department charter (Vote)

B. Wullenjohn

8:55am

8.

2009 Operating budget update

M. Petterson

9:00am

9.

2010 Budget assumptions and planning

M. Petterson

9:10am

10.

Investment status update

C. Yager

9:20am

11.

Market Credit Risk Standard (Vote)

C. Karnei

9:25am

12.

Market Credit Work Group proposal for market losses

M. Davies

9:30am

13.

Committee Briefs (Q&A only)

All

9:45am

14.

Future agenda items

S. Byone

9:50am

Adjourn ISO meeting

C. Karnei

9:55am