We can always lay off UC Professors

SACRAMENTO, Calif. (AP) -- The state will have to cough up more than $700 million a year to repay the billions required to build the first phase of a proposed high-speed train between Los Angeles and the San Francisco Bay Area, a report published Tuesday said.

The new projections from California's nonpartisan legislative analyst's office include principal and interest on nearly $10 billion in rail bonds passed in 2008, and reflect higher borrowing rates than initially planned. The figures don't include the millions already being paid toward $500 million in debt the project has run up.Daily Transcript