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There is now enough money to pay for school construction, water systems and sewer plants, stem cell research, high speed rail, children's hospitals and libraries -- all projects placed on hold during the state's budget crisis in December.
Gov. Schwarzenegger says the projects will create jobs and revive the economy; the money will come from $6.8 billion in municipal bonds that were snapped up Wednesday, despite the state's low credit rating.
"California's never defaulted, we're not going to default, we pay our interest on time, and so I dispute the value of the rating agencies' work and methodology, you know they got it all wrong with respect to the exotic derivatives, they're getting it all wrong and unfairly discriminating against municipal issuers as well," state treasurer Bill Lockyer said.
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