Funding Proposal May Halt California's High-Speed Rail Plans

<p>California Governor Arnold Schwarzenegger wanted lawmakers to pull a nearly $10 billion bill from the November ballot that would fund a long-sought high-speed rail system, but he now wants the legislation to require private funding partnerships.</p>
January 19, 2008, 1pm PST | Nate Berg
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"Gov. Arnold Schwarzenegger has dropped a request that lawmakers remove a $9.9 billion high-speed rail bond from the November ballot but wants legislation that could tie spending the money to guarantees of support from the federal government and private sector."

"Such a requirement could delay the project indefinitely even if the bond measure is approved by voters."

"Officials with the authority charged with overseeing the high-speed rail line say they expect the state, federal government and private investors to each cover about a third of the cost of building the project. But they say private companies will not commit until they see the state making a significant investment."

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Published on Wednesday, January 16, 2008 in Associated Press via San Francisco Chronicle
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