According to the LAO, Proposition 42 is silent as to whether suspended transfer amounts are to be repaid to transportation.
Therefore, they are not owed. In that light, Prop 1A does provide some relief for Caltrans. Under prevailing code, there is no legal, compelling incentive to repay the suspensions.
I agree that Prop 1A has some benefits in closing existing loopholes. But it also allows them to continue to raid the fund (twice per decade) and allows the deferral of repayment from prior years by 7 years (10 vs. 3 yrs). The latter allows them to spend $2+ billion that is "freed up" on other programs.
Either which way, I want to see the 2008 measure pass that will not allow them to raid the fund at all.