CA AB435

Prohibits further issuance of bonds for high-speed rail purposes under Proposition 1A, except for existing appropriations for Phase I blended system early improvement projects.

Requires unspent proceeds from previously issued high-speed rail bonds to be redirected for debt retirement upon legislative appropriation.

Redirects remaining unissued high-speed rail bonds authorized under Proposition 1A to the Department of Water Resources for central valley water infrastructure projects upon appropriation.

Takes effect only upon voter approval at the next statewide general election.