California Clears A Major Hurdle Toward Building Nation's Most Ambitious High-Speed Rail System

Business Insider ^ | 08/01/2014

[SeekAndFind]

A California appeals court has ruled a state authority may issue $8 billion in bonds to help finance a high-speed rail system in the most populous U.S. state, removing a substantial obstacle to the proposed $68 billion plan. In overturning on Thursday a state court's 2013 ruling, the three-judge panel in Sacramento said the California High-Speed Rail Authority, which is overseeing the high-speed rail project, "properly found that issuance of bonds for the project necessary or desirable," court documents show.

The panel also vacated a lower court order that the state redo its financial plan for the project.

The rail project has been dogged by questions over its planned routes, ridership estimates, and projected costs.

The plan to build an 800-mile high-speed rail system between San Francisco and Los Angeles is a priority for California Governor Jerry Brown.

[Bob]

As I recall, that 68 billion is about twice the original projected cost and about two thirds of the most recent projections. The completion “estimate” has also been pushed out by about twenty years.

There’s a whole lot of number fudging going on. It still looks like it’s going to be a disaster of epic proportions.

[GeronL]

bump

White Elephant Express

[reefdiver]

It would, but what is happening now is a disaster, a good politician could lay out a road map and the public would be with him. You could run over the Sierra Club.

[Carry_Okie]

The judges must have received a stock tip.