With its revised business plan released Nov. 1 showing a dramatic increase in costs and time to build the 800 mile system, the Authority adopted its funding plan to a largely skeptical audience, many from the Central Valley where construction begins.
Gov. Brown, and then the legislature will have to consider where the remaining funds for the $98 billion project will come from considering the new transportation bill from Congress may have little, if any funds for high speed rail.
"The California High Speed Rail Authority board adopted a funding plan, which seeks to tap $3.3 billion in federal grants and $2.7 billion in state bonds to begin building an initial 140-mile segment of track through the Central Valley.
The request now goes to Gov. Jerry Brown's administration and then the Legislature, where it will face tough scrutiny by lawmakers concerned about where they will find more than $90 billion to finish the system - described as the largest infrastructure project in the nation."
From CA HSRA Press Release: HIGH-SPEED RAIL RELEASES NEW BUSINESS PLAN: "Construction will begin next year with a 130-mile segment stretching from just north of Bakersfield to just south of Merced. The funding for this piece, which will serve as the "backbone" of the system, has already been identified through federal funds and the voter-approved Proposition 1A. This initial Central Valley section is expected to create 100,000 jobs in the next five years. "
Thanks to The Roundup
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