What is the California Debt Limit Allocation Committee?

Can you please explain to me what exactly is the California Debt Limit Allocation Committee? I'm curious about their role and responsibilities in managing the state's debt. Are they responsible for approving or denying new debt issuance, or do they have a different set of duties? Additionally, what kind of oversight do they have over the state's finances, and how do their decisions impact the overall financial health of California?