Greenhouse Gas Reduction Fund: funding conditions: high-speed rail.

Existing law creates the High-Speed Rail Authority to develop and implement a high-speed rail system in the state. Existing law requires moneys collected by the State Air Resources Board from the auction or sale of certain allowances as part of a market-based compliance mechanism to be deposited into the Greenhouse Gas Reduction Fund and continuously appropriates a portion of the moneys in the fund for various purposes, including a specified portion to the authority for certain purposes. Existing law prohibits the authority from entering into new funding commitments with those moneys for activities outside of the Merced to Bakersfield segment, until June 30, 2030, or when that segment is fully funded, whichever is sooner. Notwithstanding that prohibition, existing law authorizes the authority to enter into new funding commitments outside of the Merced to Bakersfield segment for additional activities, not to cumulatively exceed $500,000,000, that maximize the efficiency of delivering the project, as specified. This bill would authorize the authority to enter into new funding commitments with the above-described moneys outside of the Merced to Bakersfield segment in any amount for additional activities that maximize the efficiency of delivering the project, as specified. By expanding the purposes for which continuously appropriated moneys may be used, the bill would make an appropriation.