This act provides for the Housing and Emergency Shelter Trust Fund Act of 2002. For the purpose of providing shelters for battered women, clean and safe housing for low-income senior citizens, emergency shelters for homeless families with children, housing with social services for the homeless and mentally ill, repairs and accessibility improvements to apartments for families and handicapped citizens, homeownership assistance for military veterans, and security improvements and repairs to existing emergency shelters, shall the state create a housing trust fund by issuing bonds totaling two billion one hundred million dollars ($2,100,000,000), paid from existing state funds at an average annual cost of one hundred fifty seven million dollars ($157,000,000) per year over the 30-year life of the bonds, with the requirement that every city and county is eligible to receive funds as specified in the measure and with all expenditures subject to an independent audit?