PROPOSITION 1 HIGH SPEED RAIL BONDS.

HIGH SPEED RAIL BONDS. LEGISLATIVE INITIATIVE AMENDMENT. Provides $9 billion for building a new high-speed railroad between San Francisco and Los Angeles. Funds rail expansion to other locations if money becomes available. Provides $950 million for connections to the high-speed railroad and for repairing, modernizing and improving passenger rail service, including tracks, signals, structures, facilities and rolling stock. Total funding provided is $9.95 billion from general obligation bonds. Summary of Legislative Analyst’s Estimate of Net State and Local Government Fiscal Impact: State costs of about $19.4 billion over 30 years to pay off both principal ($9.95 billion) and interest ($9.5 billion) costs of the bonds. Payments of about $647 million per year. Additional unknown costs, probably in excess of $1 billion a year, to operate and maintain a high-speed rail system. The costs would be at least partially offset by passenger fare revenues, depending on ridership