This seems to suggest that the portion of the soon-to-be-illegal "deficit bonds" which have already been sold will remain on the books. I can see no reason that these bonds would not have to be immediately refunded. Otherwise, it would suggest that Kalifornia can issue bonds without voter approval as long as they can be sold prior to a judge's ruling.
These additional billions of presumably already sold bonds are probably the reason that the state has not already run out of cash. Without this, I doubt that the state can hold off default for days let alone a couple of months to decide what spending cuts to make.
The Demoncrat quoted in the article who complained that she was being rushed is still living in fantasyland. There has been more than enough time to know that the state is overspending and more than enough time to know that the "deficit bonds" are illegal if there has not been a vote of the public.
The bonded indebtedness was approved by the legislature and Gray Davis but the bonds have not yet been sold. Their sale is being challanged in court and thus far $3B+ have been ruled unconstitutional and another $12B may soon go the same direction (can't be sold).
Additionally there is no appetite (market) for these bonds unless California can identify a seperate revenue stream (massive budget cuts or new taxes)to secure the bonding offer.
If your from Rio Linda that means that no one is particularly intrested in buying these bonds until California can demonstrate that they can pay them back