During Carter's disastrous presidency, and there was more than one disaster then, some of actually his own doing, bond rates were high and so was inflation. Those who had the scratch at that time could get 20%. What's more the 20% continued even after Carter was gone and the economy returned to sanity. And the trade price for the bond almost doubled overnight. Win-win.
If a person buys some of these California power bonds now, he will lock in 6% or so, whatever the interest rate turns out to be at initial offering. If the interest rates inrease, bond prices will decrease just enough to make an effective interest rate in spite of the face value. Which is to say, as interest rates rise, and this will happen, not only will you lock in your 6%, but your bonds will bring you less if you sell them. Lose-lose.
So, much as I relish the idea of someone paying his utility bill and some taxes too for the next 30 years to support me in my dotage, the bonds don't look all so attractive.
Institutions will snap them up, of course.