The economic recession is hurting the California High Speed Rail Authority, the lead agency developing the high speed rail network for which the state’s voters approved $10 billion in bonds in 2008. With no buyers, the bond money is unavailable, Planetizen reports.
The California High Speed Rail Authority’s budget for the current fiscal year, which ends in June, included $29 million from the sales of high-speed rail bonds authorized by voters in November. But because of the state budget crisis, the credit crisis and the poor market for bonds, the state treasurer has not sold any of the rail bonds, reports Michael Cabanatuan in the San Francisco Chronicle.
The Saint Report carried a post on this ballot initiative on Sept. 26, 2008.