[2] The proposition authorized the state to sell $15 billion in long-term bonds to pay off accumulated deficits.
Propositions 57 and 58 were the centerpiece of Governor Arnold Schwarzenegger's plan to resolve California's budget problems.
[3] California State Senator Tom McClintock, Schwarzenegger's fellow Republican and rival in the 2003 gubernatorial recall, was one of the chief opponents of Proposition 57.
[5] When the bonds were paid off, Schwarzenegger said, "I’m glad this chapter of California’s fiscal history is finally closed.
"[5] Summary of Legislative Analyst's Estimate of Net State and Local Government Fiscal Impact:[1]