SAN FRANCISCO, March 18 California officials
approved on Monday the sale of up to $8.6 billion in state bonds
to help build a planned high-speed rail system projected to cost
The votes by the board of the California High-Speed Rail
Authority and the state's High-Speed Passenger Train Finance
Committee authorize the sale of the general obligation debt,
approved by voters in 2008.
Some of the debt will need to be appropriated by the
legislature and the timing and size of bond sales will be
determined by the need for funds for building the system,
according to the state treasurer's office and state finance
California aims to use funds from the federal government to
help build the system and to attract private-sector money for it
as well. The project is intended to eventually link far-flung
metropolitan areas across the most populous U.S. state.
The California High-Speed Rail Authority aims to break
ground later this year on the first leg in the state's Central
Valley. The project will be financed by state and federal funds.