[calcowgirl]

For whatever reason, the LAO brushed over all of the deferrals of debt repayment. It is strewn throughout Prop 76, with respect to maintenance factors, education, transportation, etc. Most paragraphs include language providing for payment over fifteen years, by 2021 or 2022.

A paragraph relative to the repayment of transportation funds does specifically call for authorizing bonds:

SECTION 9. Section 1 of Article XIX B of the California Constitution is amended to read:

(snip)

(2) (A) The total amount, as of July 1, 2007, of revenues that were not transferred from the General Fund of the State to the Transportation Investment Fund because of a suspension pursuant to this subdivision shall be repaid to the Transportation Investment Fund no later than June 30, 2022. Until that total amount has been repaid, the amount of that repayment to be made in each fiscal year shall not be less than one-fifteenth of the total amount due.

(B) The Legislature may provide by statute for the issuance of bonds by the State or local agencies, as applicable, that are secured by the payments required by this paragraph. Proceeds of the sale of the bonds shall be applied for purposes consistent with this article, and for costs associated with the issuance and sale of the bonds.

[Carry_Okie]

B) The Legislature may provide by statute for the issuance of bonds by the State or local agencies, as applicable, that are secured by the payments required by this paragraph. Proceeds of the sale of the bonds shall be applied for purposes consistent with this article, and for costs associated with the issuance and sale of the bonds.

Got it, and it was as I had surmised. Where did you get the $10 billion? Did you total the liabilities?