A ballot initiative to kill the California High Speed Rail zombie will soon begin collecting signatures. My prediction: It will be on the ballot and will pass. It bans future HSR bonds and terminates the current project.
Prevents the issuance and sale of the remaining amount of high-speed rail bonds previously approved by the voters to initiate construction of a high-speed rail system. Authorizes the Legislature to redirect any unspent high-speed rail bond proceeds away from high-speed rail purposes, to repay outstanding highspeed rail bonds. Prevents state from incurring additional debt, spending any federal, state, or local funds, or entering into new contracts for the high-speed rail project. Requires state to terminate the high-speed rail project, including, to the extent feasible, existing contracts.
California voters originally were enthusiastic about High Speed Rail and approved a ballot measure. However, it soon became apparent that proponents were using the MSU Method of Accounting to justify the project. That’s right, they’ve were Making Sh*t Up. The bonds can only be sold if proponents can show they have complete funding for the project. They are nowhere close. Courts have blocked any building until proof of full funding is given. California Gov. Jerry Brown has been yowling in protest over the effrontery of the court to demand terms of a bond measure actually be followed. Imagine.