A frenetic last-minute attempt to place a massive public works bond on the June ballot failed late Wednesday, handing Gov. Arnold Schwarzenegger a key legislative defeat in his bid for re-election. The collapse of negotiations over the bond measure came just hours before an administrative deadline to place measures on the primary election ballot. "We ran out of time," Senate President Pro Tem Don Perata said, after the Senate passed an urgency bill appropriating $1 billion for levee repairs from the state's reserve fund.