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26 <br />California Constitution <br />What is “Debt” and What is Not <br />CALIFORNIA CONSTITUTION <br />DEBT LIMIT <br />Article 16, Section 18 <br />(2/3 vote generally required) <br />EXCEPTIONS TO THE <br />DEBT LIMIT <br />EXCEPTION 1 <br />Current Fiscal Year <br />(eg.TRANs) <br />EXCEPTION 2 <br />Contingent Obligations <br />(eg.COPs, LRBs) <br />EXCEPTION 3 <br />Special Fund <br />Obligations <br />(eg.Revenue Bonds) <br />EXCEPTION 4 <br />Obligations Imposed by <br />Law <br />(eg.POBs) <br />GENERAL OBLIGATION BONDS <br />True Indebtedness <br />Most likely financing approach for San Leandro