08/26/2008 GAAS:621:08 FOR IMMEDIATE RELEASE Print Version | Email / Share
Gov. Schwarzenegger Puts Taxpayer Protections into High Speed Rail Bond on November Ballot
Governor Arnold
Schwarzenegger today signed AB 3034, authored by
Assemblymember Cathleen Galgiani (D- Livingston), adding taxpayer protections
and financial guidelines to the High-Speed Train Bond Act on the November 2008
ballot.
"Californians deserve the opportunity to vote on a high
speed rail proposition that includes taxpayer protections and financial
guidelines," said Governor Schwarzenegger. "With these technical changes,
voters can now be assured that if the bond is approved, high speed rail would be
built as planned and with fiscal controls ensuring financial
accountability."
AB 3034 will replace Proposition 1 with Proposition 1A
on the November ballot. The measure improves the High-Speed Train Bond Act by
including fiscal controls for taxpayer protection including the requirement of a
peer reviewed financial plan before bond money can be spent. Additionally, the
measure enables public-private partnership financing and limits the amount of
bond money that can be spent on non-construction
items.
