Actually, if a government agency needs money for capital projects (as opposed to power costs, which are operating types of expenses) now is a reasonable time to borrow money for capital projects, provided one had a good credit rating and a good solid plan on how the government agency will repay the bond monies.
Having said the above, California power bonds are not for capital projects, California does not have a solid plan on how to repay the money, and there are questions as to California's credit rating. I hope that some of the cities, counties, special districts, and state agencies are paying attention to what Davis is messing up.
They all seem to believe that money is held by the rich people and via taxes it can be acquired!