I saved this article (by Christopher Heredia, Chronicle, Jan. 12) but almost overlooked it. Below are the last few paragraphs.

First, we are now hearing that the $10 billion bond issue (now on the November ballot) will not be enough. "if costs continue to rise." If?? We are now hearing from Quentin Kopp that ($9 to $12.5 billion)
$2.5 billion more will be needed. Yeah, right. Watch while it
constantly sneaks upward.

Are you reading Kopps' words ". . .$10 billion will be all taxpayers will be expected to pay?" That's right, Quentin. It's not free money. It's a mortgage. We, the taxpayers, are borrowing $10 billion, and maybe a lot more. It will have a debt service and then the principle will have to be repaid. Well, Quentin, this state is flush with money and these debts and costs will be no problem. Right? Do you suppose that it might be something like a housing market sub-prime mortgage? How about high speed rail foreclosure? Who is doing the arithmetic here?

$10 to $12 billion from the Feds. How likely is that?

But, here's a good one: $2 to $4 billion from "local jurisdictions." Does that include Menlo Park and Atherton? Our staff reports have repeatedly suggested that no local funds would be involved. Oops.

Then, there is that miscellaneous petty cash "other sources" category of $500 million to $3 billion. That's a $2.5 billion dollar spread. What computer model did they use to come up with these costs?

Look, these numbers mean nothing. Nothing! They are made up. ("It's easy to know things when you make them up.") Note that they change constantly from one article to the next. Why are people not getting this? It's the world's largest scam and yet California is going to vote for it.

Emily Rusch says, "We just have to be honest about the cost. . ." Yes, Emily, that would be a very good idea.

Martin

Sen. Tom Torlakson, D-Antioch, a member of the oversight committee, advocated for a 10 percent gas-tax increase to help pay for the 700-mile high-speed rail system, saying the additional toll on gasoline could mitigate the environmental impact of tailpipe emissions.

High Speed Rail Authority Chairman Quentin Kopp, a retired San Mateo County judge and legislator, said that an additional bond may be necessary if costs continue to rise but that he hopes the $10 billion will be all taxpayers will be expected to pay. The balance of the cost, he said, can be paid for through federal and private funds.

"This is a necessity for California," said Emily Rusch, an advocate with the public interest group CalPIRG. "It's right in line with our goals of reducing global warming. We just have to be honest about the cost, but not be afraid to sell it to voters."

Consultants will submit a report on potential financing to the committee in June. As it stands, the plan calls for about $10 billion to $12 billion to come from the federal government, $9 billion to
$12.5 billion from the state, $5 billion to $7.5 billion from
public-private partnerships, $2 billion to $4 billion from local jurisdictions and $500 million to $3 billion from various other sources.

The consultants told the committee that there is strong interest in the private sector to support the bullet train, but that the state first has to pony up the initial money.

That belief seemed to be supported by business executives attending Friday's hearing.

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Martin Engel
1621 Stone Pine Lane
Menlo Park, CA 94025
650:323-1670
martinengel@earthlink.net
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