"State Treasurer Bill Lockyer began taking orders Tuesday for $4 billion in short-term bonds and estimated the state will pay higher yield rates
than last year, reflecting tighter credit market conditions," reports Kevin Yamamura in the Bee.
That should make for a happier Big 6 conference call today.
Actually, it could be a Big 7, with Lockyer expected to join the call as well.
"Lockyer announced that California received $1.8 billion in orders from retail investors Tuesday, nearly
46 percent of the $4 billion initial offering. The retail demand is greater
than the $1.6 billion in bonds such investors purchased last year,
a positive sign according to Lockyer.
"'This response from individual investors is an excellent
start to the transaction and a strong re-entry into the credit markets for California,' he said in a statement.
"Gov. Arnold Schwarzenegger, whose net worth has been
conservatively estimated at $100 million, purchased $100,000 in bonds, according to spokesman
Aaron McLear.
"Lockyer will solicit orders from individual investors
through today before opening the sale to large institutional
investors Thursday."
The Chron's Matthai Kuruvila looks at the divisions within religious faiths over
Proposition 8.
"Catholics, Mormons and evangelicals have been contributing
millions of dollars and flying into the state from
around the nation to lead rallies and services that
preach support for the measure.
"There's a reason for the intensity.
"'As California goes, so goes the nation,' said Carlos Sarmiento, the Orlando preacher, encouraging worshipers to attend
a rally referred to as TheCall California in San Diego
on Nov. 1 that is expected to draw 100,000.
"Liberal groups representing Christians, Jews and others
are trying to defeat the measure. But their efforts
have been far more modest, even though priests and
rabbis in the Bay Area have played a pivotal role in
creating and cultivating a theology that includes lesbians
and gays as equals to heterosexuals.
"Conservatives and liberals generally use dramatically
different lenses to interpret the Bible. Christian
conservatives tend to emphasize an interpretation of
the Bible that doesn't change with the times. They say the Bible describes
marriage as only between a man and a woman."
"[S]tate voters will be asked Nov. 4 to provide some locomotion by approving nearly $10 billion as a down payment toward the ultimate vision
of an 800-mile high-speed rail network," reports Eric Bailey in the Times.
"Promoters of Proposition 1A boast that the $45-billion project, featuring sleek trains reaching 220 mph, would be the nation's most ambitious public works effort since completion
of the transcontinental railroad in 1869.
"Foes say it would be a fiscal black hole that wouldn't deliver as promised.
"With gas prices high, highways congested and airports
jammed, it would seem the best of times for a bullet
train.
"But to some it seems the worst, with Wall Street in
meltdown, California facing a perpetual budget deficit
and the lurking specter of last month's horrific Metrolink commuter rail accident."
The Bee gives the treatment to the new Yes on 11 spot.
"The TV spot reduces a technical process, called redistricting,
to a simple pitch: If you're not happy with lawmakers, hold them accountable
by joining a Proposition 11 populist revolt.
"The ad plays on dismal legislative approval ratings,
15 percent, and the fact that the Legislature draws its
own districts and can tilt seats left or right to protect
incumbents – as it did in 2001.
"Only one of 53 congressional seats, and none of 120 legislative seats, has changed party hands in the
past two elections.
"The TV spot does not mention that the Proposition 11 campaign is championed by Republican Gov. Arnold Schwarzenegger
and is co-chaired by Democrat Steve Westly, former state controller
and gubernatorial candidate."
The LAT's David Kelly checks out the race for the 80th Assembly District.
"The battle over the 80th District Assembly seat, which includes all of Imperial
County and eastern Riverside County, pits Republican
Gary Jeandron, a former Palm Springs police chief, against Democrat
Manuel Perez. Both candidates are vying for the seat held by Bonnie Garcia (R-Cathedral City), who is being termed out.
"Numbers favor the Democrats, who make up 44.76% of registered voters in the district compared to Republicans
at 37.80%. The wild card may be the more than 25,000 registered voters who declined to state a party.
"Yet despite the Democratic leaning, the GOP has won
the seat in the last six elections.
"'It's a Democratic Assembly district, but the Republicans
keep winning,' said Bob Richmond, chairman of the Riverside County Republican Party.
'It is an important seat as far as we are concerned
because if the Democrats get a two-thirds majority, there will no longer be any checks
and balances.'"
Perhaps that's why Democrats are fighting so hard for it...
"Demographics could also play a role. Latinos are the
majority in Imperial County, and the Coachella Valley
has a large Latino population. Democrats are hoping
that benefits Perez, the son of migrant farm workers
and a member of the Coachella Valley Unified School
District board."
"A relative of Gov. Arnold Schwarzenegger and one of
his former cabinet secretaries are part of an investment group that could score a
lucrative payoff if regulators approve a solar energy
complex near the Mojave Desert Preserve," reports the AP's Michael Blood.
"The personal connections have raised questions about
possible favorable treatment for a project being touted
as a breakthrough in the development of solar power.
"Robert F. Kennedy Jr., who is the cousin of first lady Maria Shriver, and former state Environmental Protection Secretary
Terry Tamminen were named senior advisers at VantagePoint Venture
Partners last year.
"VantagePoint has a multimillion-dollar stake in BrightSource Energy, which plans to
spend up to $2billion to construct solar power plants on nearly six
square miles of land along the Nevada border."
"Pushing ahead in an edgy standoff with Indian tribes,
California's gambling commission voted yesterday to impose a set of minimum security
standards on tribal casinos.
"The unanimous vote came after more than a dozen tribes
reaffirmed their opposition to the proposed regulation,
which would require California's $8 billion Indian gaming industry to adhere to internal
controls as least as stringent as those adopted by
the National Indian Gaming Commission.
"Both sides have warned that the clash appears headed
toward a legal fight that could settle the underlying
debate over whether the state has the power to unilaterally
impose regulations on Indian casinos.
"Yesterday's vote sent the proposal back to tribes for a 30-day review and comment period. It could return to the
commission for a final vote as early as Dec. 18.
"'I know we made nobody happy today,' a somber commission Chairman Dean Shelton said after the vote. 'We'll keep working.'"
Shane Goldmacher reports on Bill Lockyer's formal objection to two of the governor's vetoes.
"In a private letter, Treasurer Bill Lockyer has blasted Gov. Arnold Schwarzenegger for two of
his end-of-session vetoes, saying he was 'more than usually displeased and downright angry.'
"The target of Lockyer's ire was vetoes of two, relatively obscure pieces
of legislation, SB 1293 by Sen. Gloria Negrete McLeod and SB 1221 by Sen. Sheila Kuehl. Both dealt with "joint powers authorities," governmental conglomerates that have the power to
issue tax-exempt financing.
"Schwarzenegger vetoed the Negrete-McLeod legislation, which received not a single 'no' vote in the Legislature, with his 'boilerplate veto message,' as Lockyer called it. Schwarzenegger blamed his veto
of 136 bills on the budget delay, saying he only had time
to consider the 'highest priority' legislation."
"California's whale-tail license plate, which raised millions of dollars
for state environmental programs by merging humpbacks
with highways, has been harpooned and will soon be replaced with a
new coastal image," writes Paul Rogers in the Merc News.
"The California Coastal Commission is giving artists,
schoolchildren and others who think they can draw a
distinctive-looking whale tail until Jan. 15 to design a new specialty plate in a contest to replace
the current one.
"The winner will be announced next summer, with the
new plate hitting California roads by 2010.
"The cetacean switch is the result of a dispute between
Wyland, the Southern California artist who goes by one name
and who created the original whale-tail image, and the commission over whether it should
pay him royalties. Rather than fight it out in court,
the commission decided to junk the old plate and start
fresh with Son of Whale Tail.
"'Nobody will buy it. What are they going to sell, three
of them?' Wyland said on Tuesday. 'My tail was lightning in a bottle. It is a powerful
image. You can't do an imitation of a powerful image. And my name
carries good will.'"
In another Serious Case of the Munchies, a "McDonald's cashier called 911 after a Vero Beach drive-thru customer allegedly offered to pay for his meal
with marijuana. The Indian River County Sheriff's Office said the cashier called Monday with a description
of the vehicle the suspect had been riding in.
"A deputy spotted the vehicle, found marijuana in the
car and arrested its occupant, 27-year-old Shawn Alexander Pannullo.
"Pannullo was charged with possession of cannabis and
posted $500 bail. It was unclear if he had an attorney.
"A Sheriff's report did not say what the suspect ordered at McDonald's or if he ultimately purchased the meal using something
other than marijuana."
Reminder:
On November 13, your Roundup editors are supporting the Cystic Fibrosis Foundation's Wine Opener. The event, which we be held from at the Sacramento
Grand Ballroom from 5-8pm, will feature wine tastings from Revolution Wines,
Rail Bridge Winery, Michael-David Winery, Robert Mondovi’s Woodbridge Winery, and Silkwood Winery.
Food tastings will be provided by The Melting Pot,
Vallejo’s Catering, Dad’s Café, and Tucos Wine Market and Café. Coffee will be served by Temple Fine Coffee and Tea.
Music, a silent auction and other entertainment will
make it a fantastic event.
Tickets are only $40 (half of which is tax-deductible), can be bought online, and the proceeds go to research to find a cure for
cystic fibrosis.
Join us for some great wine, food, and friends.
After all, it's a Thursday evening.
You'll be drinking already.
Why not do it for sick kids?
