Marc A. Levinson (argued), Patrick Bo-cash, John W. Killeen, Orrick, Herrington & Sutcliffe LLP, Sacramento, CA, for Debtor., William W. Kannel (argued), Mintz Lev-in Cohn Ferris Glovsky and Popeo P.C., Boston, MA, for Wells Fargo Bank National Association, as Indenture Trustee., Matthew M. Walsh (argued), Winston & Strawn LLP, Los Angeles, CA, for National Public Finance Guarantee Corporation., Jeffrey Bjork (argued), Sidley Austin LLP, Los Angeles, CA, for Assured Guaranty Corp. and Assured Guaranty Municipal Corp., James O. Johnston (argued), Jones Day, Los Angeles, CA, for Franklin High Yield Tax Free Income Fund and Franklin California High Yield Municipal Fund., Michael J. Gearin (argued), K & L Gates LLP, Los Angeles, CA, for California Public Employees’ Retirement System.