December 22, 2014
SACRAMENTO (AP) - California's financially strapped high-speed rail project has received an infusion of $29 million to get it back on track through the middle of the year.
Short-term borrowing by the state treasurer's office on Monday will provide the funding.
The state's high-speed rail board had been counting on getting the money to cover its expenses through June, the end of the state's current fiscal year.
In December, the Pooled Money Investment Board froze funding for most infrastructure projects because of California's budget crisis.
Voters in November approved the sale of $9.9 billion in bonds to help pay for part of the high-speed rail project, but those bonds have yet to be sold.
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