[Amerigomag]

(2) The Legislature may provide by statute for the issuance of bonds

Here's a just remedy to combat the abuses of the Schwarzenegger Reciprocity Vehicle

1) All state bonds may only be issued to CalPERS.
3) California becomes the agent of record for all state bonding.

Yes, the Austrian would be dead in the waters with his financial backers but the state would receive the bonding commissions and the income from the bonds could be dedicated to offset the staggering, future, medical liabilities of its retirees.

[calcowgirl]

All state bonds may only be issued to CalPERS.

If they did that, wouldn't they just collude to sell bonds to CalPERS with outrageously high rates to take care of the unfunded liability and cover up the decades of mismanagement?