It would have been wasted anyway, if it had remained in the various Redevelopment Agencies, most usually via city-built venues that people don’t go to, or “low income housing” that nobody has a “right” to.
They're a cesspool of real estate racketeering and corruption in construction projects.
The state is now robbing the cities.
Sooner or later there won’t be anything left to steal or borrow.
Other people’s money...
Great, so our infrastructure decays all the more because Sacramento’s politicians are willing to steal our kids lunch money (figuratively) rather than reign in their unquenchable thirst for funds to support their liberal programs.
California is bleeding to death from thousands of self inflicted cuts. This transfusion of “new” money may prolong the end, but unless something is done about to stop the bleeding (the out of control spending) the state will die.
As I have noted before, lack of money is not the problem in California, it is the out of control spending.
They are stealing earmarked money to pay the checks of unionized workers/retirees, welfare and social services.
It is down the rabbit hole spending...nothing to create wealth, just whittle away at this money, which, will be done soon.
“Local education obligations.” Gee...I wonder what THAT means.
“California can use $2 billion in local money to balance budget, judge says”
Taxation is theft, and there is no honor among thieves.