SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report
(Date of earliest event reported)
November 3, 1998
CALIFORNIA INFRASTUCTURE AND ECONOMIC DEVELOPMENT BANK
SPECIAL PURPOSE TRUST PG&E-1
(Issuer of the Certificates)
PG&E FUNDING LLC
(Exact name of registrant as specified in charter)
Delaware 333-30715 94-3274751
(State of (Commission File Number) (IRS Employer
incorporation) Identification No.)
245 Market Street, Room 424
San Francisco, California 94105
(Address of principal executive offices) (Zip Code)
(415) 972-5467
(Registrant's telephone number,
including area code)
N/A
(Former name or former address, if changed since last report)
<PAGE>
ITEM 5. OTHER EVENTS.
On November 3, 1998, an initiative on the California ballot known as
Proposition 9 was defeated by the voters, with 73.5% of the voters against
Proposition 9 and only 26.5% of the voters in favor of Proposition 9. If
it had been approved, Proposition 9 would have overturned major provisions
of the electric industry restructuring legislation passed by the California
Legislature in 1996 (Assembly Bill 1890). PG&E Funding LLC has previously
discussed Proposition 9 and its potential impact in its reports filed with
the Securities and Exchange Commission, most recently in its Quarterly
Report on Form 10-Q for the quarter ended September 30, 1998.
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
PG&E FUNDING LLC
(Registrant)
Dated: November 4, 1998 GABRIEL B. TOGNERI
By: ____________________________
Name: Gabriel B. Togneri
Title: Treasurer
