california update 5 11 01 extraordinary session expected close early next week governor signed sb 28 x power plant siting bill yesterday governor signed bond financing bill sb 31 x extraordinary session closed new extraordinary session expected opened immediately however sources report one certain bills session numbers next session legislature reportedly trying arrange bills heard committee mou still sponsor governor davis hopes reach deal sempra state purchase san diego gas electric transmission assets reportedly feels deals place socal sdg e enough momentum might added push mou legislature could go bankruptcy court propose adding pg e assets since would two three pieces place validity logic seems questionable best sources skeptical adding sdg e mou would increase chances deal going legislature also governor claimed close deal sdg e several weeks deal yet finalized governor stated sponsor mou next week bill introduced mou might introduced legislature amended indicate lesser amount transmission asset purchase still would assure passage since many legislators reportedly mou windfall profits tax bill set hearing assemble floor state legislature elizabeth hill published report earlier week regarding analysis state revenues report stated revenues year would 3 4 b less expected january 2001 including electricity costs predicts ongoing state programs cut approximately 1 7 b moody put california credit rating review another downgrade sources report moody p mbia informed california way state improve credit rating look better investors get power business resolve undercollected