The proposition would allocate $9.95 billion to the California High-Speed Rail Authority. Of that $9.95 billion, $9 billion will be used to construct the core segments of the rail line from San Francisco to the Los Angeles area and the rest will be spent on improvements to local railroad systems, which would feed into the high-speed rail mainline. However, the project would still depend on federal matching funds, since a $9.95 billion bond issue would cover at most half of the estimated cost of the initial core segment.^[3] The money will be raised through general obligation bonds that are paid off over a time period of 30 years.[3]

http://en.wikipedia.org/wiki/California_Proposition_1A_(2008)