CA AB553

Prohibits issuance of new bonds for high-speed rail purposes under the 2008 Proposition 1A bond act, except for existing early improvement projects in the Phase I blended system.

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

Redirects remaining unissued bond proceeds authorized under Proposition 1A to the Department of Housing and Community Development's Multifamily Housing Program, upon legislative appropriation.

Leaves unchanged the $950 million authorization in Proposition 1A for rail purposes other than high-speed rail.

Becomes effective only upon voter approval at the next statewide general election; takes immediate effect as an urgency statute.