California sells $1.2 billion of bonds to finance construction of bullet train in the Central Valley – Los Angeles Times

The California treasurer sold $1.2 billion in bonds Thursday to help finance construction of high-speed rail in the Central Valley, a significant development after years of delays in tapping the bonds that taxpayers approved in 2008.

The move makes clear that Gov. Jerry Brown wants to move forward with the $64-billion project in the face of difficult political, technical and financial challenges.

The bullet train is years behind schedule, faces stiff opposition from state Republicans and has failed to identify sources of funding necessary to complete even a partial system.

But proponents have argued that such mega-projects often face financial uncertainty.

California sells $1.2 billion of bonds to finance construction of bullet train in the Central Valley – Los Angeles Times}