Have any bonds been sold? It is one thing for voters to pass a bond measure, another for spenders to dream up ways of spending, but quite another to sell Junk Bonds.
California Bond Ratings are not very good. Billions in debt, a democrat governor, assembly and state...most career spenders and politicians.
I wouldn't lend money to this state.
No bond sales scheduled yet, but soon, I would suspect. some info here.
http://www.treasurer.ca.gov/ratings/current.asp
Ratings have come back up a bit,, this link also has links to current offerings and future bond sales.