My best guess is that it means that the general fund has been robbed to pay for the power bought last year, and that the $12 billion expected in the bond proceeds will be diverted back to the general fund. But that's not what it says. ===========================================================
Now for some musing from Grampa Dave:
Most of that power useage should have been paid for by now. Ebuck up in Oregon is searching for data that indicates that Davis, et al have stiffed the BPA re not paying for some power we got and used from from them.
However, what if Davis got word from Wall Street behind closed doors after the Enron, World Com and other accounting messes not to even trot this used Electricity Bond madness abortion out on Wall Street.
Maybe he is borrowing from Cal Pers on short term loans to pay the electricity producers, and then at the end of this year and next year he will pay back Cal Pers from the general funds. Then the twelve billion we owe other states and power companies for used electricity in 2001 will just be folded into the total debt load each month in 2003 when he pays back Cal Pers the short term loans to pay for the used electricity.
I can imagine the creative accounting being used to pay the bills for the Fascist/socialist state of Kali this past year, would make Arthur Andersen and Enron look like model citizens re accuracy in accounting versus the state of Kali.
I keep hearing rumors from Sac that the total debt load will be over 30 billion and more like 40 billion before the end of the year for the Enron state of Kali. That 12 billion for the used electricity last year is probably in that figure. As Dog Gone points out, we just don't know it yet. Or it may be in and going in each month as part of the debt and funds each month are coming out of the general fund to pay for it.
Tom you got to browse thru this thread!