California Infrastructure and Economic Development Bank Gets Approval to Launch $3.25 Billion Bond for Desert Xpress High-Speed Rail Project
Posted on 10/26/2019
The California Infrastructure and Economic Development Bank was formed in 1994 to finance public infrastructure and private development. The development bank sits within the California Governor’s Office of Business and Economic Development and is governed by a five-member Board of Directors. This development bank approved the largest bond request in its history today. A request to issue tax-exempt fixed rate revenue bonds in the amount not to exceed US$ 3,250,000,000 for the benefit of Desert Xpress Enterprises for an eligible high-speed rail project in the County of San Bernardino was approved on October 23, 2019 at a board meeting.
This high-speed rail project is not to be confused with the Northern to Southern California project. This high-speed rail project seeks to link people from Southern California (Victorville, California) to Las Vegas.