High-Speed Rail Authority: supplemental business plan.

The California High-Speed Rail Act creates the High-Speed Rail Authority to develop and implement a high-speed rail system in the state. 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 billion in general obligation bonds for high-speed rail purposes and $950 million for other related rail purposes. Existing law requires the authority to prepare, publish, adopt, and submit to the Legislature a business plan containing specified elements, by May 1, 2014, and every 2 years thereafter. This bill would require the authority to develop and adopt a supplemental business plan for the estimated cost of completing the section of the high-speed rail system located between the City of Merced and the northern end of the initial operating segment in the County of Madera on or before February 1, 2020, and submit the supplemental business plan to the Director of Finance, a specified peer review group, and certain legislative committees.