Passenger Rail And Clean Air Bond Act Of 1990

PASSENGER RAIL AND CLEAN AIR BOND ACT OF 1990. This act provides for a bond issue of one billion dollars ($1,000,000,000) to provide funds for acquisition of rights-of-way, capital expenditures, and acquisitions of rolling stock for intercity rail, commuter rail, and rail transit programs. Appropriates money from state General Fund to pay off bonds. Summary of Legislative Analyst\u27s estimate of net state and local government fiscal impact: If all authorized bonds are sold at 7.5 percent and paid over the typical 20 year period, the General Fund will incur about $1.8 billion to pay off bond principal ($1 billion) and interest ($790 million). The estimated annual cost of bond principal and interest is $90 million