More than a decade ago, as California faced budget deficits, politicians pushed for $15 billion in Wall Street borrowing to help the state cover its bills.
Voters approved the measure, creating a pile of debt that hasn't been paid off until now.
On Wednesday, Gov. Jerry Brown's finance director, Michael Cohen, signed paperwork closing the book on a controversial chapter of California's financial history.
"Today has been a long time coming," he said.
State leaders had used the measure, Proposition 57, to borrow a little more than $14 billion, and interest and fees racked up an additional $5 billion.