I’m pretty sure they borrowed to build the bullet train. I think they may currently have access to money but its akin yo a city having so many days of food before the riots break out.
But they could certainly borrow the fund with better intent.
They’re bragging about having a 2.8 billion dollar budget surplus (which they don’t, it’s just on paper) and are visibly looking around for something to spend it on. I can think of someplace that hypothetical 2.8B needs to go... http://www.scpr.org/news/2016/11/17/66216/california-analyst-projects-2-8-billion-budget-sur/