SACRAMENTO, Calif. (AP) — California officials have put a private company’s plan to build a high-speed train between Las Vegas and Southern California one step closer to reality.
A state committee chaired by Treasurer Fiona Ma on Wednesday approved $300 million in tax-exempt private activity bonds for the project by Virgin Trains USA. The state will consider approving the same amount again next year.READ MORE: Search For Teen Missing After Truck Found Submerged In Water
Officials say that would allow Virgin Trains USA to issue about $2.4 billion worth of debt. That’s roughly half of what it would need to build the train.READ MORE: $300M For Plan To Move Tracks Off Crumbling Del Mar Bluffs
California’s move is the first step to financing the project, which has faced delays and ownership changes.MORE NEWS: Field Of Flags Open To Public Through Fourth Of July
The company wants trains running by 2023.