BILL NUMBER: AB 1455	AMENDED
	BILL TEXT

	AMENDED IN ASSEMBLY  FEBRUARY 9, 2012

INTRODUCED BY   Assembly Member Harkey
   (Principal  coauthor:   Assembly Member
  Valadao   coauthors:  
Assembly Members   : Garrick   and Valadao  )
   (Principal coauthor: Senator La Malfa)
   (Coauthors: Assembly Members  Achadjian,   Bill
Berryhill,   Donnelly,  Grove, Hagman,  Jeffries,
 Jones,  Logue,   Mansoor,  Nielsen, 
Silva,  and Wagner)

                        JANUARY 9, 2012

   An act to add Section 2704.30 to the Streets and Highways Code,
relating to high-speed rail.


	LEGISLATIVE COUNSEL'S DIGEST


   AB 1455, as amended, Harkey. High-speed rail.
   Existing law, the California High-Speed Rail Act, creates the
High-Speed Rail Authority to develop and implement a high-speed rail
system in the state, with specified powers and duties. Existing law,
pursuant to the Safe, Reliable High-Speed Passenger Train Bond Act
for the 21st Century, approved by the voters as Proposition 1A at the
November 4, 2008, general election, provides for the issuance of
 $9.95   $9  billion in general obligation
bonds for high-speed rail  purposes  and  $950 million
for other  related  rail  purposes. Article XVI of the
California Constitution authorizes the Legislature, at any time after
the approval of a general obligation bond act by the people, to
reduce the amount of the indebtedness authorized by the act to an
amount not less than the amount contracted at the time of the
reduction or to repeal the act if no debt has been contracted.
   This bill would reduce the amount of general obligation debt
authorized  for high-speed rail purposes  pursuant to the
Safe, Reliable High-Speed Passenger Train Bond Act for the 21st
Century to the amount contracted as of January 1, 2013.
   Vote: majority. Appropriation: no. Fiscal committee: yes.
State-mandated local program: no.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:

  SECTION 1.  Section 2704.30 is added to the Streets and Highways
Code, to read:
   2704.30.  Pursuant to Section 1 of Article XVI of the California
Constitution, the amount of indebtedness authorized by 
Chapter 20 (commencing with Section 2704)   this chapter
for high-speed rail purposes pursuant to Section 2704.06  is
hereby reduced to the amount contracted as of January 1, 2013,
notwithstanding anything in  that   this 
chapter to the contrary.  This section does not apply to the
amount of indebtedness authorized by this chapter for other rail
purposes pursuant to Section 2704.095.