I think McClintock covered that pretty well in his press release (posted here). As some said from the beginning, those bonds were not to refinance old debt, but to supplement future deficit spending.
(Snip)“This deficit is funded entirely with borrowed funds from Proposition 57, approved by voters in 2004. Although the public was promised that this bond would only be used to pay for past deficits, it is in fact being used to cover deficits for 2004 ($0.6 billion), 2005 ($2.9 billion) and now 2006 ($6.4 billion).