It doesn't make sense for any new businesses to start-up in California. I can't see how we will get the growth needed to grow out of our debts ($15 billion!), esp if we start tacking on new debt in the form of bonds.
Politicians tend to vote for band-aids that will get them past the next election cycle, and this is what we're seeing here. They can move on, but these long-term debts remain a legacy for the next generation.
I could see it, perhaps, if they were borrowing to build the infrastructure required to efficiently support a population of 50 million, which California will have before 2020. But it's largely long-term debt to service current maintenance items.
It's like taking out a home mortgage to buy this month's groceries. Not smart.
Any business considering moving or expanding in California should do so only if they are in a business where they can easily pass on the costs of the products or services to the consumer. Those costs will be higher than the rest of the country because of the crushing tax burden and regulatory hurdles. "Living Wage" ordinances don't help. Essentially, any business who has an out-of-state competitor will be in big trouble.