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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"?

Good point. Issuance of those bonds is probably illegal. They may, in fact, be issued, but there's a good chance that a future court will determine that the current state officers exceeded their authority in encumbering future Californians with the cost of those bonds. If the bonds are issued illegaly, they may become worthless. Alternatively (and more likely) a court would probably try to simply return the purchase price to the bondholders; since the State doesn't have enough cash to make that possible, bondholders may have to accept assets other than cash (such as land).

Any way you look at it, these bonds come with the promise of future lawsuits. Only a fool would buy them.