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SENATE

SUBCOMMITTEE TO SCREEN

APPOINTEES TO BOARD OF DIRECTORS

SOUTH CAROLINA PUBLIC SERVICE AUTHORITY

SUBMISSION OF DOCUMENTS

THURSDAY, JUNE 2, 2005

12:43 P.M.

THE STATE HOUSE

CLOAK ROOM

COLUMBIA, SOUTH CAROLINA

LAURA S. DECILLIS,

CERTIFIED COURT REPORTER

SUBCOMMITTEE MEMBERS IN ATTENDANCE:

SENATOR LUKE A. RANKIN (CHAIRMAN)

SENATOR DICK ELLIOTT

SENATOR C. BRADLEY HUTTO

COUNSEL PRESENT:

MICHAEL COUICK, ESQUIRE - CHIEF COUNSEL

ALSO PRESENT:

Gayle Addy

Kip McAlister

(INDEX AT REAR OF TRANSCRIPT)

12:43 p.m.

CHAIRMAN RANKIN: All right. I'd like to call this meeting to order. Mr. Couick, do you want to move some records in?

MR. COUICK: Mr. Chairman, we've previously presented or discussed each of the records that we have before us today. What we'd like to ask is staff to make sure and ensure that they're in the record and present this index to the court reporter, have her use that as an index to make sure the documents are included. Also, to present this stack of documents here to her, ask they be included as PDF-type documents, if possible, so that anyone that wished to receive a copy of the record would receive not just the transcript, but each of the documents, as well.

CHAIRMAN RANKIN: Very well. Any objections from anybody from the subcommittee?

SENATOR HUTTO: No.

SENATOR ELLIOTT: No.

CHAIRMAN RANKIN: All right. They're in the record. And do I hear a motion to adjourn?

SENATOR HUTTO: Motion to adjourn.

CHAIRMAN RANKIN: All right. So moved.

(Adjourned at 12:45 p.m.)

CERTIFICATE OF REPORTER

Reporter and Notary Public for the State of South Carolina at Large, do hereby certify:

That the foregoing Subcommittee Meeting was taken before me on the date and at the time and location stated on Page 1 of this transcript; that the witnesses were duly sworn to testify to the truth, the whole truth and nothing but the truth; and that the Meeting was recorded stenographically by me and was thereafter transcribed; that the foregoing Meeting as typed is a true, accurate and complete record of said Meeting to the best of my ability.

I further certify that I am neither related to nor counsel for any party to the cause pending or interested in the events thereof.

Witness my hand, I have hereunto affixed my official seal this 9th day of June, 2005, at Columbia,

Richland County, South Carolina.

Laura S. DeCillis,

Certified Court Reporter State of South Carolina at Large.

My Commission expires August 1, 2005.

INDEX OF DOCUMENTS INCLUDED IN RECORD

Exhibit Number and Description Page

INDEX PUBLIC HEARINGS ON MAY 17, 2005

1 James Gilreath Resume 8

2 Martin Lipton Document 24

Including Business Judgment Ruling 43

3 History of Valuation Studies by Santee Cooper 66

Including:

Marshall Evans E-mail 71

CSFB Valuation 74-76

Letter dated 11/4/04 to Lonnie Carter

From Mandanas with Agreement 79

Mandanas Letter dated 11/10/04 to Carter Expanding Analysis 87

Laetitia Dowd Correspondence dated 2/15/05 90

CSFB Report 5/5/05 94

4 Greenville News Editorial by Munson 5/17/05 100

5 Executive Summary Document 105

6 Correspondence to Judge Brogdon 4/21/05 109

7 Deborah Burnstein Letter dated 5/9/05 110

8 Letter from Couick to Brogdon 5/11/05 111

9 Response by Munson to Brogdon 5/11/05 112

10 Series of E-mails between Munson, Brogdon,and Couick 5/11/05 118

INDEX - PUBLIC HEARINGS ON MAY 17, 1005 (Continued)

11 Letter dated 5/12/05 to Green and Carter 122

12 Letter dated 5/12/05 from Carter to Burnstein 123

13 Memo to File Runey (Santee Cooper) 4/16/04 127

14 Overview of Drummond Coal Issue 126

15 Testimony of Gerhard Haimberger (SCE&G) 135

16 John Rainey Resume 144

INDEX PUBLIC HEARINGS ON MAY 18, 2005

17 Correspondence 5/12/05 from Deborah Burnstein 4

18 Bond Rating Overview 11

Including:

Fitch Ratings 13

Letter dated 5/11/05 to Nikas from Carter 28

19 Standard & Poor's Analysis 13

E-mail from Coen to Green 3/14/05 15

E-mail from Green to Bodek 20

Analysis of Legislation by K. Munson 21

20 Surplus Property Sales Issue 40

Including:

E-mails 42

E-mail from Carter to DuBose 44

Draft of RFP 46

E-mails on Gypsum Property 47

Amendment Policy September 25, 2004 53

Handwritten Notes 64

E-mail from Green to Davis 2% Handout 70

Chart by John Rainey 74

Two E-mail Packets -

Reference Board Meeting 106

Letter 11/25/04 Coen to Governor Sanford 120

INDEX PUBLIC HEARINGS ON MAY 19, 2005

21 Letter from Senator McConnell to Governor Sanford dated 5/19/05 4

22 FedEx from CSFB to Santee Cooper

23 Post & Courier Articles by Kyle Stock 4/15/05 and 4/20/05 25

24 Policies of Santee Cooper - Page 38 45

25 News and Observer (Raleigh) Articles 48

26 CP&L Deferred Tax Analysis 48

27 Palmetto Economic Development Corp. 50

INDEX PUBLIC HEARINGS ON MAY 24, 2005

28 Governor's Letter dated 5/23/05

Withdrawing Appointment of Green 19

29 Governor's Letter Appointing Thompson 19

30 Freedom of Information Act Issue 27

31 File on Executive Compensation 63

32 File on Contributions 105

Including:

Minutes Contributions Committee Meeting 9/22/2003 109

Presentation to Committee 9/22/04 109

Contributions Process 9/26/04 117

Post & Courier Article "Sanford Takes Utility to Woodshed" 119

E-mail from Munsen to Management dated 10/6/04 122

Reference to Governor's Questions from John Tiencken 7/17/03 122

Post & Courier Report 8/4/03 regarding

Governor's Questions about

Contributions "tightening belt" 122

E-mail to Four Directors from Green dated 10/6/04 122

INDEX - PUBLIC HEARINGS ON MAY 24, 2005 (Continued)

News Article dated 11/23/04 – Cutting Donations by 28% 128

33 Gypsum Issues File 131

Including:

Memo about Gypsum Byproduct Purchase 131

E-mail to Bob Faith from Dominic Dannessa of U.S. Gypsum 134

E-mail from Carter to Coen on Process of Selecting Gypsum Prospects 138

E-mail from Carter to Coen about Signing Letter of Intent 8/9/04 139

Coen to Carter about "Following Appropriate Channels" 139

Munson to Management, Directors, and Governor about Gypsum 141

E-mails between Edwards, Coen, Carter, and Davis 143

Emails between 8/6 and 8/15 referenceBoard Meeting 145

34 Relationship with Central Issues 150

35 Personal Data Questionnaire - DuBose 166

36 Memo from Couick to Appointees 5/13/05 166

INDEX PUBLIC HEARINGS ON MARCH 31, 2005

37 Post & Courier Article dated 5/29/05

38 Georgetown Times Article dated 5/31/05

39 The State Editorial dated 6/13/05

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