A Sacramento County Superior Court judge is blocking the sale of bonds to build California’s bullet train and has rejected the state’s funding plan, jeopardizing the future of the project.
Officials with the state board overseeing the project said they have managed to trim $30 billion off of the estimated $98 billion price tag.
The city of Vernon faces an audit by the Internal Revenue Service over $419 million in bonds that may have violated tax laws, it was reported Monday.
An effort by state lawmakers to dissolve the cash-strapped city could have a big financial impact on L.A. County.
Nearly three-quarters of funding to relocate a convention center hall to accommodate a downtown Los Angeles NFL stadium would come from guaranteed payments to the city by developer AEG under a tentative plan released for comment.
Stocks are mostly lower and bond yields are at a new low for the year after two reports dimmed hopes for the job market and the U.S. economy.
Federal lawmakers say the state of California is getting another $902 million in federal funding to advance the design and construction of a high-speed rail system initially running from San Francisco to Los Angeles.