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The California High-Speed Rail Authority's board approved a memorandum of understanding (MOU) with the Peninsula Corridor Joint Powers Board to prepare the rail corridor between San Francisco and San Jose to accommodate high-speed rail.

The Joint Powers Board approved the MOU on March 7. The MOU covers the $1.45 billion Caltrain modernization program, which includes $705 million from Proposition 1A funds allocated under state legislation signed into law last summer, CHSRA officials said in a prepared statement.

"This MOU represents a new partnership reflecting a vision for high-speed rail integrated with a regional and statewide rail system that is critical to the future of California," said CHSRA board member Jim Hartnett. "High-speed rail is designed to bring the regions of California together while providing all important benefits at the local level."

Also, the authority's board approved the sale of up to $8.6 billion in state bonds to help fund the high-speed rail system's construction, according to local media reports.

The state's $705 million contribution toward the $1.45 billion cost to electrify Caltrain's system is being matched through a combination of federal, regional and local sources, said CHSRA officials.