california update - urgent please read 5 / 7 / 01 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 republicans are currently in caucus until 3 : 30 pst and then
will go to the floor for a vote . the current situation is very fluid , but
sources now indicate that the bill would pass with a simple majority vote ,
lacking the two - thirds needed for an immediate bond issuance . if this is the
case , the bill would not take effect for 90 days and 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 would then be the
waiting period for financial relief from the state through the transmission
line purchase or other assistance .
there is an outside chance that republican defectors could precipitate from
the current caucus . there is extreme pressure on the republicans from davis
and angelides . if the bill failed due to lack of republican support , it
would provide davis the opportunity to blame republicans for on - going
expenditures of $ 70 m / day ( power purchases ) , and a possible bankruptcy by
socal . the last republican who gave support to a democratic bill ( ab lx ) ,
representative bill campbell , lost his job . sources also confirm that
democrats have not met with republicans on the bond issuance since last week .
california update - urgent please read 5 / 7 / 01
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 republicans are currently in caucus until 3 : 30 pst and then
will go to the floor for a vote . the current situation is very fluid , but
sources now indicate that the bill would pass with a simple majority vote ,
lacking the two - thirds needed for an immediate bond issuance . if this is the
case , the bill would not take effect for 90 days and 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 would then be the
waiting period for financial relief from the state through the transmission
line purchase or other assistance .
there is an outside chance that republican defectors could precipitate from
the current caucus . there is extreme pressure on the republicans from davis
and angelides . if the bill failed due to lack of republican support , it
would provide davis the opportunity to blame republicans for on - going
expenditures of $ 70 m / day ( power purchases ) , and a possible bankruptcy by
socal . the last republican who gave support to a democratic bill ( ab lx ) ,
representative bill campbell , lost his job . sources also confirm that
democrats have not met with republicans on the bond issuance since last week .