California News

Mar 18, 2013 4:46 PM by Associated Press

Board seeks $8.6B in Calif. high-speed rail bonds

SACRAMENTO, Calif. (AP) - The California High-Speed Rail Authority has voted to issue nearly $8.6 billion in taxpayer-approved bonds to build the nation's first bullet train.

Officials say they will try to sell $3.7 billion of the bonds as the state rushes to begin construction this summer.

The six-member board approved the step on a 5-0 vote Monday, without debate. It previously sold $400 million worth of bonds.

Gov. Jerry Brown's administration will work with the state treasurer to issue the bonds, which would be matched with $3.3 billion in federal money.

The first full segment of the $68 billion rail line will run from Madera to Bakersfield. The project eventually is supposed to link northern and southern California with trains traveling up to 220 mph.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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