High-Speed Rail Project Panned Over Funding

Law360, New York (January 3, 2012, 9:35 PM EST) -- An independent panel tasked with reviewing California's proposed high-speed rail system criticized the project in a report Tuesday, saying it is not financially feasible and recommending that the state legislature not appropriate $2.7 billion in bond proceeds for the project.

In November, the California High-Speed Rail Authority approved a funding plan for the initial section of the project — 130 miles of track running from slightly north of Fresno to Bakersfield, Calif. The plan was also a formal request for $2.7 billion in state funding to...
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