California may be one step away from selling bonds for its High Speed Rail project.
The California 3rd District Court of Appeal today refused to grant a rehearing in a case challenging the use of bond funding to build High Speed Rail. The decision is a win for the state which is counting on selling bonds to help fund the project.
The plaintiffs have already announced they will appeal this latest ruling to the California Supreme Court. If the court declines to hear the case, California could begin issuing the bonds. The administration’s Department of Finance says they would be sold on an as-needed basis.
The project includes non-bond funding as well. The current fiscal year budget allocates $250 million for the project, with additional funding in future years.