For those who haven't been following things:

The Obama administration provided funds for high speed rail to several states. At a later date two of those state elected Republican governors who rejected the money on political grounds. One governor (Florida) knew what he was doing, the other (Wisconsin) thought he could use FRA money for highways and was sorely disappointed. To make a long story short, the money went mainly to California.

But the money had to be spent and accounted for (which takes several months) by 30 September 2017. That's what this press release is saying. For a while it seemed that this would not be possible but the feds allowed California to spend the federal match first. Both the federal funds and the California Proposition 1A funds have matching requirements. Conveniently, both require there be a 50% match. It was a fit.

So now the federal funds have financed things up to now and and an equal amount of prop 1A funds can be spent. On top of this is the cap and trade fee funds. It is thought (and disagreed with by many) that there is enough to get high speed rail running between Bakersfield and San Jose, and (because of the electrification of Caltrain) effectively San Francisco.

At that point the line can be leased to an operator (no, the state has no intention of running the line) and the income used for continuing the construction.

Will it work out? Bets are being taken...

Construction has been delayed (often intentionally by those opposed), which has raised the cost. But it continues to be built in spite of the Republican congressional delegation's actions and those of the NIMBYs on the San Francisco peninsula, in Bakersfield and in the Santa Clarita area.

For a rail watcher it is continuously fascinating.