A one time Economic Recovery Bond of up to fifteen billion dollars ($15,000,000,000) to pay off the state's accumulated General Fund deficit as of June 30, 2004.
The Economic Recovery Bond will only be issued if the California Balanced Budget Act (Proposition 58) is also approved by the voters.
The bonds will be secured by existing tax revenues and by other revenues that could be deposited in a special fund.
Source for Popular Vote data: California Secretary of State. Statement of Vote 2004 Primary Election March 2, 2004, California Secretary of State (http://www.ss.ca.gov/elections/sov/2004_primary/measures.pdf) (accessed 25 Feb 2007)