I have no issue with a bond issue for infrustruction since, holy crap, that's actually well within the perview of government! I will not vote for the bond if there is a chance in hell the money will be stolen and used for light rail, trolly, tram, trains or buses. It must build ROADS, not headquarters for CalTrans.
Arnold tried to rework the spending mandates that are murdering any seriously attempts to reign things in. He lost at the ballot box. It's insane.
I'll definitely wait and see the specific language and see what bellweathers like McClintock have to say before I throw a fit.
Bill "Lost to Loser Davis" Simon Jr (R), talked up bringing the private sector and toll roads into the mix. Won't happen. That's politically dead. Beyond dead since the unions were so adept as flexing their muscle in the special election. No way they'd let private business, rather than their union stooge employees build highways and roadways. Worse Simon suggests state-fund subsidized toll roads.
We still need to break the legislature and move it somewhere vaguely near reason and away from the radicalism that embodies it and is driving California to utter ruin. The public employee unions need reduction back down to size as well.
In case you folks have seen it, Pookie had this in today's cartoon thread: 
That sign is on a road that is LEAVING San Francisco. IOW, the message is diametrically backwards.
As to the borrowing for roads, we wouldn't need to do if the governor and the legislature weren't raiding funds for other projects. If this money goes to more "mass transit" (IOW urban real estate subsidies), which it probably will, it will have been a nearly total waste.
But Willie Green will be happy.
http://www.nctimes.com/articles/2005/11/15/news/californian/111405191708.txt
Meanwhile, on Monday officials said Gov. Arnold Schwarzenegger is preparing a massive bond in the tens of billions of dollars to pay for not only transportation, but schools, hospitals and cleanup of polluted waterways as well. The governor's plan, expected to take shape in coming weeks, would become the largest bond measure in California history, eclipsing the record $15 billion issue floated in 2004 to balance a red-ink-riddled state budget. The governor is said to be looking to launch the biggest public works expansion in California since the 1960s.
"This is a governor who thinks big," said H.D. Palmer, spokesman for the California Department of Finance.