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Here ya go, numbers are represenatative of use of both obligation and revenue bonds. That 35 B is only one part of overall debt. -- What Is the State’s Current Debt Situation?

How Much Do We Already Owe?

Figure 7 shows that as of November 1, 2005, the state had almost $53 billion of General Fund debt outstanding. This includes about $42 billion in bond debt that it has used to fund infrastructure (close to $35 billion in general obligation bonds and nearly $8 billion of lease-revenue bonds). The figure also shows the debt outstanding from the deficit-financing bonds issued in 2004 (currently $10.4 billion).

Figure 7

Figure 7 Summary of State of California Outstanding and Unissued General Fund Debt, By Program Area and Type
As of November 1, 2005 (In Billions)
	Outstanding Debt	Unissued Debta
General Obligation Bonds
Corrections	$1.1	—b
Health	—	$0.8
Higher Education	4.7	3.7
Housing	—	2.1
K-12 Education	22.0	12.3
Resources	1.7	0.8
State Administration	0.3	0.2
Stem Cells	—	3.0
Transportation	1.8	0.2
Water	2.8	6.5
Local Governmentc	0.1	0.3
Other	—d	—
Total, General Obligation Bonds	$34.5	$29.9
Lease-Revenue Bonds	$7.8	$3.2
Deficit-Financing Bondse	10.4	4.1
Totals	$52.6	$37.2

Source: California State Treasurer
a Includes $19.4 billion in authorized commercial paper, of which $1.2 billion has been issued. These funds are used to initiate projects until bonds are sold.
b Includes $10 million in unissued bonds.
c Includes bonds for reading and literacy improvement and library construction.
d Includes $4 million in bonds for hazardous substance clean up and senior citizens’ centers.
e These are self-liquidating general obligation bonds secured by a one-quarter cent share of the local sales and use tax. However, in exchange, the General Fund pays an equivalent amount in increased Proposition 98 funding to schools.