This measure authorizes the state to sell $2 billion in general obligation bonds in order to reconstruct, replace, or retrofit state-owned toll bridges and highway bridges in phase two of the Seismic Retrofit Program. The measure provides that, of the $2 billion, $650 million shall be used only for the seismic retrofit of state-owned toll bridges. The measure also requires that expenditures for phase two seismic retrofit of state highway bridges, as well as for toll bridges, be funded exclusively from bond funds and not from other state funds, such as toll revenues or revenues from the state gas tax.