Balance of 2008-09 Funding for High-Speed Train Confirmed
Balance of 2008-09 Funding for High-Speed Train Confirmed
Posted : Tue, 07 Apr 2009 04:05:34 GMT
Author : California High-Speed Rail Authority
Category : Press Release
SACRAMENTO, Calif. - (Business Wire) California High-Speed Rail Authority officials confirmed today that the balance of its funding for the 2008-09 fiscal year has been made available by the State Treasurer’s Office.
The state’s High-Speed Rail Finance Committee approved the Authority’s $29.1 million bond loan request in January, but processing was stalled due to the state’s Pooled Money Investment Board’s decision to freeze disbursements for this and other projects until the successful sale of General Obligation bonds on March 25.
Following the successful sale of the bonds, the State Treasurer’s Office notified the High-Speed Rail Authority and confirmed at a meeting of the Pooled Money Investment Board today that it had issued $29.1 million in commercial paper (short-term loans) to meet the remainder of the Authority’s 2008-09 funding authorization.
“Today’s confirmation that funding for the project will continue as planned is good news for California’s taxpayers who approved Proposition 1A last November to help fund the construction of the high-speed train project and who rightfully expect that progress will be swift and uninterrupted,” said Mehdi Morshed, executive director of the California High-Speed Rail Authority.
“It’s also an enormous relief to the dedicated and talented staff and the engineers and planners that continued to work on the project over the past three months without a commitment that they would be paid,” said Morshed.
The High-Speed Rail Finance Committee is comprised of the Department of Finance Director, State Controller, Business Transportation and Housing Agency Secretary, and High-Speed Rail Authority Board Chair. The Pooled Money Investment Board (PMIB) governs the state’s Pooled Money Investment Account, which is used to invest taxpayers’ money to manage the State’s cash flow. The State Treasurer chairs the PMIB, which also includes the State Controller and the State Director of Finance.
The California High-Speed Rail Authority is responsible for building high-speed train service covering 800 miles at speeds up to 220 MPH. By linking all major cities in California with a state-of-the-art new transportation option, California's high-speed train system will increase mobility while cutting air pollution and reducing the greenhouse gas emissions that cause global warming. Building the high-speed train system will cost less than half the cost of freeway and aviation alternatives. Operating the system will create an annual surplus of over $1 billion.
For route information, visual simulations and more, please visit www.cahighspeedrail.ca.gov.
For California High-Speed Rail Authority
Kris Deutschman, 916-444-8801
Cell: 916-425-7174
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