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.