Posts Tagged ‘California Infrastructure and Economic Development Bank’

Virgin Gets OK to Sell Bonds for Las Vegas Route

November 6, 2019

Virgin Trains USA received approval last week to issue $3.25 billion in development bonds to be used to pay for its Desert Xpress high-speed rail service between Las Vegas and Southern California.

The California Infrastructure and Economic Development Bank approved what observers said is the largest bond request in history of the state’s public sector development bank.

The development bank noted the project will create nearly 16,000 construction jobs and 400 permanent jobs once the trains are in operation.

The line will initially terminate in Victorville, California, although Virgin has said it wants to eventually extend service into Los Angeles.

The bond sales are expected to begin in the first quarter of 2020 with operations projected to start in 2023.