Weatherman2020
Diamond Member
- Mar 3, 2013
- 94,681
- 66,667
Tens of millions pissed down the drain for paperwork in California that could have done silly things like upgrade dams, build new dams, build prisons, fixed and built new roads.........
Just hours before the report was issued, results of the state’s latest cap-and-trade auction of greenhouse gas emission allowances – the only source of ongoing bullet train funds – were released and once again it produced almost no money.
…A $9.95 billion bond issue that voters approved nine years ago was on hold for years because of lawsuits, and project managers have searched, so far in vain, for other sources of money for the $64 billion project.
In desperation, Brown and the Legislature gave the project 25 percent of cap-and-trade auction proceeds, and officials have been weighing a construction loan secured by auction money. However, recent auctions have generated very scant returns, and without a reliable revenue stream, securing a loan would be impossible.
The plunge in auction interest has been attributed to a glut of state-issued allowances and uncertainty about the program’s legality and future. Brown wants the Legislature to reauthorize it beyond the current 2020 expiration date, but so far has been unable to muster enough votes.
Bullet train suffers two big setbacks that could be fatal
Just hours before the report was issued, results of the state’s latest cap-and-trade auction of greenhouse gas emission allowances – the only source of ongoing bullet train funds – were released and once again it produced almost no money.
…A $9.95 billion bond issue that voters approved nine years ago was on hold for years because of lawsuits, and project managers have searched, so far in vain, for other sources of money for the $64 billion project.
In desperation, Brown and the Legislature gave the project 25 percent of cap-and-trade auction proceeds, and officials have been weighing a construction loan secured by auction money. However, recent auctions have generated very scant returns, and without a reliable revenue stream, securing a loan would be impossible.
The plunge in auction interest has been attributed to a glut of state-issued allowances and uncertainty about the program’s legality and future. Brown wants the Legislature to reauthorize it beyond the current 2020 expiration date, but so far has been unable to muster enough votes.
Bullet train suffers two big setbacks that could be fatal