State debt obligations.

The California Constitution prohibits the Legislature from creating any debt or liability that singly or in aggregate exceeds $300,000 except by an act that is approved by the voters and among other things, provides ways and means for the payment and discharge of the debt or liability within 50 years. Existing law, the State General Obligation Bond Law, which is incorporated by reference in general obligation bond acts, provides for the redemption and payment of bonds by the Treasurer in accordance with specified procedures. This bill would state the intent of the Legislature to continue paying down the state's debt obligations.