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.
Popular Vote Results
Removed from ballot and replaced by Prop 1A
LEGISLATIVE Initiative AMENDMENT.
MICHAEL TURNIPSEED, Executive Director, Kern County Taxpayers Association; GLEN CRAIG, Commissioner (Ret.), California Highway Patrol; JIM EARP, Executive Director, California Alliance for Jobs
HON. TOM MCCLINTOCK, State Senator; JON COUPAL, President, Howard Jarvis Taxpayers Association; HON. BOB DUTTON, State Senator
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
PROPOSITION 1 HIGH SPEED RAIL BONDS. California Proposition 1 (2008).