California one step closer to building nation's first bullet train

POSTED: 03:54 PM PDT Mar 18, 2013 

The California High-Speed Rail Authority has voted to issue nearly $8.6 billion in taxpayer-approved bonds to build the nation's first bullet train. Officials say they will try to sell $3.7 billion of the bonds as the state rushes to begin construction this summer.

The six-member board approved the step on a 5-0 vote Monday, without debate. It previously sold $400 million worth of bonds.

Gov. Jerry Brown's administration will work with the state treasurer to issue the bonds, which would be matched with $3.3 billion in federal money.

The first full segment of the $68 billion rail line will run from Madera to Bakersfield. The project eventually is supposed to link northern and southern California with trains traveling up to 220 mph.