California Sells $600M In Bonds For High-Speed Rail Project
SACRAMENTO (CBS SF / AP) -- California has sold $600 million in bonds for its high-speed rail project.
It was the largest chunk of $843 million in general obligation bonds sold Tuesday. State Treasurer Fiona Ma says Wells Fargo and Jefferies, LLC, bought the bonds.
California voters approved a nearly $10 billion bond in 2008 to build the high-speed train between Los Angeles and San Francisco. The state has regularly sold the bonds for the past several years.
Ma's office says large purchasers such as Wells Fargo tend to buy state bonds, then sell them.
The bond sale comes amid possible changes to the project by new Gov. Gavin Newsom. A segment of track in the Central Valley is under construction and Newsom says he wants to lengthen that before building west to the San Francisco Bay Area.
Lawmakers are scheduled to discuss the rail project later Tuesday.
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