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Five California counties, including Napa, got a huge windfall from miscalculating how local property taxes are divvied up with schools. Under a legislative deal, they will keep most of the extra money, columnist Dan Walters says.

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California's largest utility, Pacific Gas and Electric, is about to emerge from bankruptcy with a depressed stock price and a very high debt load. If it cannot operate safely and profitably, a state takeover may be the option, columnist Dan Walters says.