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"This is a very unique situation," Dan Aschenbach, senior vice president for Moody's Investors Service, told the Times. "I don't think there is any other type of bond issue that's had to be put in place to resolve an issue as significant as a $6 billion (budget) deficit to the state."

For a state perhaps...
If an individual did it he would universally be condemned as criminally irresponsible and certain candidate for imminent bankrupcy.

One does not cover current expenses with long term obligations. Ever.

Economics for Idiots 101

Not ever.

When is this bond issue going to be placed before the voters of California, as the California Constitution requires on all state borrowing over $300,000.

ARTICLE 16 PUBLIC FINANCE
SECTION 1. The Legislature shall not, in any manner create any debt or debts, liability or liabilities, which shall, singly or in the aggregate with any previous debts or liabilities, exceed the sum of three hundred thousand dollars ($300,000), except in case of war to repel invasion or suppress insurrection, unless the same shall be authorized by law for some single object or work to be distinctly specified therein which...but no such law shall take effect unless it has been passed by a two-thirds vote of all the members elected to each house of the Legislature and until, at a general election or at a direct primary, it shall have been submitted to the people and shall have received a majority of all the votes cast for and against it at such election;

Or has that document become "inoperative"?