July 24, 2014

Judge blocks sale of Calif. high-speed rail bonds

SACRAMENTO, Calif. – A judge on Nov. 25 tore up California’s funding plans for what would be the nation’s first bullet train, issuing separate orders that could force the state to spend months or years redrawing its plans for the $68 billion rail line and could choke off some of its funding.

Sacramento County Superior Court Judge Michael Kenny rejected a request from the California High-Speed Rail Authority to sell $8 billion of the $10 billion in bonds approved by voters in 2008, saying there was no evidence it was “necessary and desirable” to start selling the bonds when a committee of state officials met last March.

Read the complete story at the Associated Press.