Judge Blocks California High Speed Rail Financing
California’s High Speed Rail project may have stalled out in court. A judge ruled today the Rail Authority cannot sell $8 billion in bonds to help fund the project.
The judge also ordered the Authority to rewrite its $68 billion funding plan before moving forward with construction.
Jon Coupal is with the Howard Jarvis Taxpayers Association, which opposes the project.
Coupal: “The best thing that the High Speed Rail Authority can do at this point is to go back to the legislature and ask for a new bond measure, and this time tell the truth about what it is they’re trying to build. But, at this point, this has been a disastrous day for the High Speed Rail Authority. But it’s been a great day for taxpayers.”
The Rail Authority issued a statement saying the rulings present a challenge. But it emphasizes the judge did NOT order the project stopped all together.