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Calif. rail project seeks private funding

California High-Speed Rail Authority representatives encouraged private businesses to invest in the system.

April 12, 2011 12:00:00 AM PDT
Hundreds of contractors packed the Los Angeles Convention Center Tuesday for a forum on the California High-Speed Rail Project.

Representatives from the California High-Speed Rail Authority encouraged private businesses and investors to get involved in the system that would link Southern California to the Bay Area.

The federal high-speed rail budget took a hit last week so there is a new push for more private funds.

Officials said they know of 22 potential international investors.

"The Chinese are very interested. The Chinese are even that interested that they've indicated they would buy bonds in California to get this project going," said Roelof van Ark, chief executive officer of the Rail Authority.

Construction on the $43 billion project is scheduled to start next year.