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New Bond Is Record Breaker

An $11 billion bond sale, believed to be the largest borrowing by a government agency in U-S history, is set to alleviate a deficit built during the state´s electricity crisis of 2000-2001. The money is intended to replace the $6.5 billion California spent buying electricity in the winter and spring of 2001. It´s also going to retire a $4.3 billion loan also used to buy power.