The California Department of Finance thought it had a good idea to finance pension debt. Just issue $525 billion in bonds. Only one problem, the State Constitution says that all large loans (defined as anything over $300,000) must be approved by the voters.
The Department of Finance thought that these bonds, technically refinancing existing debt, didn’t require approval. Sacramento County Superior Court Judge Raymond Cadei felt otherwise. So voter approval still means voter approval. The Department of Finance plans an appeal.
As an aside, had this been presented to the voters as refinancing of existing debt at a lower interest rate, it is likely it would have been approved.