The 2017-18 Budget: Governor’s CalPERS Borrowing Proposal

May 16, 2017 - Under these provisions, the administration ’s proposed $427  million repayment would be released if the Legislature adopted implementing legislation later in the session. If no such legislative plan passed, the budget package would include an alternative purpose for the $427  million loan repayment.
https://lao.ca.gov/Publications/Report/3673