Char pepper over an open flame burner or under the broiler on high with oven door cracked to allow steam to escape. Once pepper is blackened all over, place in a bowl and cover with plastic wrap. Let cool to handle, then seed and chop.
Heat stock and add saffron to allow saffron to steep. Do not reduce.
In a saucepot, melt butter over medium heat. Add pasta and toast until deep golden brown and very nutty in aroma. Add rice, stir, add saffron stock and bring to a boil. Reduce heat to a simmer, cover and cook rice 16-18 minutes, until tender.