High-Speed Rail. No Issuance Or Sale Of Future Bonds. Termination Of Project. Initiative Statute.

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 high-speed 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. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local government: State debt-service savings of up to about $700 million annually from not using state bond funds to support high-speed rail, depending on the actual reduction in bond funds spent as a result of this measure. Potential reduction in state and local tax revenue of tens of millions of dollars annually for a few years, resulting from a loss of federal matching funds