November 25, 2013 / 10:41 PM / 4 years ago

California judge blocks bond sale for high-speed rail project

SAN FRANCISCO, Nov 25 (Reuters) - A California judge on Monday ruled against the state’s plan to issue more than $8 billion in bonds to build a planned high-speed train system and rescinded the project’s funding plan, estimated at $68 billion dollars.

Sacramento County Superior Court Judge Michael Kenny said in a written ruling that there was too little information to support the decision by the California High-Speed Rail Authority to move forward with the debt sale.

“In this case, the Court can find no evidence in the record of proceedings submitted by plaintiffs that supports a determination that it was necessary or desirable to authorize the issuance of more than eight billion dollars in bonds under Proposition 1A as of March 18, 2013,” he said in the ruling.

In a separate decision, Kenny ordered the California High-Speed Rail Authority to rescind its funding plan for the statewide rail system but did not block the project, which voters approved in 2008.

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