High-speed rail: property tax revenues.

(1) Existing law creates the High-Speed Rail Authority with specified powers and duties relating to the development and implementation of an intercity high-speed train system, including the power to acquire rights-of-way through purchase or eminent domain. Existing law, the Safe, Reliable High-Speed Passenger Train Bond Act for the 21st Century, authorizes $9.95 billion in general obligation bonds for high-speed rail development and other purposes, creates the High-Speed Passenger Train Bond Fund, and requires that moneys in the fund be made available to the authority for expenditures, among other things, related to the acquisition of interests in real property and rights-of-way and the development and construction of the high-speed rail system. This bill would require the authority, with regard to real property acquired by it and from moneys available for expenditure by it from the fund, to annually pay to the county in which the real property is located an amount equal to the property tax equivalent, as defined. (2) This bill would declare that it is to take effect immediately as an urgency statute.