Attorney General No.
Secretary of State No.
Prevents the issuance and sale of the remaining amount of high-speed rail bonds previously approved by the voters to initiate construction of a high-speed train system. Redirects any unspent high-speed rail bond proceeds from high-speed rail purposes to repay those outstanding bonds. Prevents the state from incurring additional debt or spending any federal, state or local funds for the high-speed rail project. Terminates all agreements entered into by the state for the high-speed rail project, except those agreements related to repaying outstanding bonds.Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local government: State debt-service savings of up to $709 million annually from not using state bond funds to support high-speed rail, depending on the actual reduction in bonds funds spent as a result of this measure and whether those bonds would have been sold as taxable or tax-exempt. Unknown reduction in state and local revenues due to a somewhat lower level of economic activity in the state over the next several years, resulting from a loss of matching funds from the federal government or private investors.
Doug LaMalfa; George Radanovich
Failed to Qualify
PREVENTS ISSUANCE OF FUTURE HIGH-SPEED RAIL BONDS. TERMINATES HIGH-SPEED RAIL PROJECT. INITIATIVE STATUTE. California Initiative 1583 (2012).