CA AB1455

Reduces the amount of general obligation debt authorized for high-speed rail purposes under the Safe, Reliable High-Speed Passenger Train Bond Act for the 21st Century to the amount contracted as of January 1, 2013

Maintains the $950 million in authorized debt for other related rail purposes, which is not subject to this reduction

Uses Article XVI of the California Constitution as authority to reduce the previously authorized indebtedness without repealing the entire bond act

Requires a majority vote in the Legislature to pass with no direct appropriation or state-mandated local program requirements