SB 965: HSRA Authorization Bill

No. of Jobs

50,625

Category

Invest state and federal funds to create jobs

Proposal

Provide the necessary statutory authority and direction for the High Speed Rail Authority (HSRA) to receive and expend federal funds for projects along four distinct high-speed rail corridors in California.

Summary

The bill authorizes the HSRA to receive and invest federal funds to develop the nation’s first high-speed rail system capable of traveling at speeds in excess of 200 miles per hour. The bill requires the Authority, within 30 days of the effective date of the bill, to submit to the Legislature a plan for investing those funds and to propose the level of state bond funds it will use to match awarded federal funds. Within 180 days of the effective date of the bill, and annually thereafter, the Authority must report to the Legislature on the progress made toward completing the projects funded by those federal and state dollars.

Background

On January 28, 2010, the California High Speed Rail Authority (HSRA) was awarded $2.25 billion in federal funds to further construction of four distinct corridors in California. This bill provides the HSRA with the necessary statutory authority to utilize those federal funds.

Through state bond funds made available with the 2008 passage of Proposition 1A, The Safe, Reliable High-Speed Passenger Train Bond Act, the state will match some level of the awarded federal funds. Assuming the state matches at least half of the federal funds, the total investment in combined funds rises to $3.375 billion to improve the identified rail corridors.

Read the Bill