SAFE, RELIABLE HIGH-SPEED PASSENGER TRAIN BOND ACT
Provides long-distance commuters with a safe, convenient, affordable, and reliable alternative to driving and high gas prices.
Reduces traffic congestion on the state's highways and at the state's airports.
Reduces California's dependence on foreign oil.
Reduces air pollution and global warming greenhouse gases.
Establishes a clean, efficient 220 MPH transportation system.
Improves existing passenger rail lines serving the state's major population centers.
Provides for California's growing population.
Provides for a bond issue of $9.95 billion to establish high-speed train service linking Southern California counties, the Sacramento/San Joaquin Valley, and the San Francisco Bay Area.
Provides that at least 90% of these bond funds shall be spent for specific construction projects, with federal and private sector matching funds required.
Requires that use of all bond funds is subject to independent audits.
Appropriates money from the General Fund to pay bond principal and interest."
Fiscal impact: State cost of $19.4 billion over thirty years to pay for both principal and interest costs of the bonds. Payment would average about $647 million per year. Unknown operation and maintenance costs, probably over $1 billion annually; at least partially offset by passenger fares.
