[William Tell]

Amerigomag said: "The bonded indebtedness was approved by the legislature and Gray Davis but the bonds have not yet been sold."

The article referred to "Unsold bonds originally planned to cover the deficit from the end of the 2002-03 fiscal year" in the amount of $8.2 billion. To which bonds were they referring and, if to the $12 billion dollar "deficit bonds", why is the amount mentioned smaller by $4 billion?

[Amerigomag]

in the amount of $8.2 billion. To which bonds were they referring and, if to the $12 billion dollar "deficit bonds", why is the amount mentioned smaller by $4 billion?

Good question. Here's the short answer. The article is poorly written.

Here's the long answer.

The $12B figure referes to the maximum authorization level of the bonds - California may sell up to $12B in bonds.

The $8.2B refers to the deficit at a point in time - the structural deficit on June 30, 2003 was estimated to be $8.3B.