Proposition Summary

HIGH SPEED RAIL BONDS. LEGISLATIVE INITIATIVE AMENDMENT. Provides $9 billion for building a new high-speed railroad between San Francisco and Los Angeles. Funds rail expansion to other locations if money becomes available. Provides $950 million for connections to the high-speed railroad and for repairing, modernizing and improving passenger rail service, including tracks, signals, structures, facilities and rolling stock. Total funding provided is $9.95 billion from general obligation bonds. Summary of Legislative Analyst’s Estimate of Net State and Local Government Fiscal Impact: State costs of about $19.4 billion over 30 years to pay off both principal ($9.95 billion) and interest ($9.5 billion) costs of the bonds. Payments of about $647 million per year. Additional unknown costs, probably in excess of $1 billion a year, to operate and maintain a high-speed rail system. The costs would be at least partially offset by passenger fare revenues, depending on ridership.

Proposition Number

1

Year

2008

Document Type

Proposition

Popular Vote Results

Removed from ballot and replaced by Prop 1A

Election Type

General Election

Proposition Type

LEGISLATIVE Initiative AMENDMENT.

For Author

MICHAEL TURNIPSEED, Executive Director, Kern County Taxpayers Association; GLEN CRAIG, Commissioner (Ret.), California Highway Patrol; JIM EARP, Executive Director, California Alliance for Jobs

Against Author

HON. TOM MCCLINTOCK, State Senator; JON COUPAL, President, Howard Jarvis Taxpayers Association; HON. BOB DUTTON, State Senator

Rebuttal Author

HON. TOM MCCLINTOCK, State Senator; JON COUPAL, President, Howard Jarvis Taxpayers Association; RICHARD TOLMACH, President, California Rail Foundation

Rebuttal Against Author

MICHAEL TURNIPSEED, Executive Director, Kern County Taxpayers Association; JIM EARP, Executive Director, California Alliance for Jobs; TIMOTHY MCCALLION, Chair of the Board of Directors, Los Angeles Area Chamber of Commerce

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