CA AB2049

Prohibits further issuance and sale of bonds under the Safe, Reliable High-Speed Passenger Train Bond Act for the 21st Century for high-speed rail purposes, except for an existing appropriation for Phase I early improvement projects.

Requires unspent proceeds from previously issued high-speed rail bonds to be redirected for retiring the debt incurred from those bonds, upon legislative appropriation.

Directs remaining unissued high-speed rail bonds to be allocated as follows: 40% to State Transportation Improvement Program, 40% to State Highway Operation and Protection Program, and 20% to the Trade Corridors Improvement Fund.

Makes no changes to authorization for $950 million in bonds for non-high-speed rail purposes under the original bond act.

Requires voter approval at the next statewide general election for the bond redirection provisions to take effect; declares the bill an urgency statute to take effect immediately.