SAN FRANCISCO, Nov 25 (Reuters) – A California judge on
Monday ruled against the state’s plan to issue more than $8
billion in bonds to build a planned high-speed train system and
rescinded the project’s funding plan, estimated at $68 billion
dollars.
Sacramento County Superior Court Judge Michael Kenny said in
a written ruling that there was too little information to
support the decision by the California High-Speed Rail Authority
to move forward with the debt sale.
“In this case, the Court can find no evidence in the record
of proceedings submitted by plaintiffs that supports a
determination that it was necessary or desirable to authorize
the issuance of more than eight billion dollars in bonds under
Proposition 1A as of March 18, 2013,” he said in the ruling.
In a separate decision, Kenny ordered the California
High-Speed Rail Authority to rescind its funding plan for the
statewide rail system but did not block the project, which
voters approved in 2008.
