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Date: Mon, 7 May 2001 09:00:00 -0700 (PDT)
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Subject: California Update - Urgent 5/7/01
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Sources report that the bond authorization will be put to a vote today

The bridge loan financing bill will put to a vote today in the California 
Assembly.  The bill would pass with a simple majority as a non-urgency bill, 
meaning the bill would not take effect for 90 days.  The state would be 
forced to abandon its proposed bridge loan plans.  Absent of last minute 
financial rescues by Davis or a new longer bridge loan package (unlikely) 
Socal could seek voluntary bankruptcy.  The main problem now will be the 
waiting period for financial relief from the state through the transmission 
line purchase or other assistance.