Spotlight: SEC Expected to OK Rate-Reduction Bonds
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The Security and Exchange Commission is expected today to approve $7.4 billion in bonds, backed by a charge on electricity bills, which will be sold by three state utilities as the industry is deregulated beginning Jan. 1. The so-called rate-reduction bonds will go on sale before the end of the year. California is the first state to approve such bonds, which will be sold by Pacific Gas & Electric Co., Southern California Edison Co. and San Diego Gas & Electric Co.
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