Calif. Official Presses For Funds For $68B High-Speed Train

Law360, San Diego (April 18, 2012, 12:00 AM EDT) -- The head of the California High-Speed Rail Authority urged state lawmakers on Wednesday to greenlight initial financing for a planned $68.4 billion rail system, despite concerns that funding was speculative and a proposal to use cap-and-trade funds could expose the state to legal risks.

Dan Richard, chairman of the rail authority, testified before the Senate Budget Subcommittee on Resources, Environmental Protection, Energy and Transportation after speaking to an Assembly budget panel. Richard called on legislators to approve the authority’s request for $2.7 billion in state bond...
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