Bankrupt CA Approves $68B High-Speed RailSubmitted by SteveMT on Sat, 07/07/2012 - 12:31
[The John Galt line this is not.]
California passes $8 billion high-speed rail bill
Legislation will fund first 130-mile stretch of $68 billion project
By Chris Megerian - Saturday, July 7, 2012
By a bare majority, the California state Senate voted Friday to approve initial construction on the state’s $68 billion high-speed rail project, ending months of intense lobbying and uncertainty in the Legislature.
The approval was a major legislative victory for Gov. Jerry Brown, who lobbied lawmakers before the vote and celebrated with Democratic legislative leaders off the Senate floor immediately after.
Twenty-one Democratic senators voted “yes.”
The bill authorizes the state to begin selling $4.5 billion in voter-approved bonds that includes $2.6 billion to build an initial 130-mile stretch of the high-speed rail line in the agriculturally rich Central Valley. That allows the state to draw another $3.2 billion in federal funding.
The first segment of the line will run from Madera to Bakersfield.