LOS ANGELES -- A plan to accelerate transportation in the region with a $26 billion high-speed train system has received initial approval from the Los Angeles City Council as it created a joint-powers agreement with neighboring cities.

The move Wednesday marked the first step in negotiations to solidify an Atlanta-based firm's proposal to construct a magnetic-levitation train system that would start at the ports of Los Angeles and Long Beach, run through downtown and eventually reach Ontario Airport, the Daily News reported.

Los Angeles City Councilman Greig Smith said American Maglev Technology would foot the bill for the system and has been working with the Southern California Association of Governments on its proposal, according to the newspaper.

SCAG is prohibited from working on construction projects and asked Los Angeles to form the joint-powers authority with West Covina and Ontario, according to the Daily News.

"Our role will be to make sure all the rights-of-way are secured," Smith said in remarks reported by the Daily News. "All the costs are to be paid for by American Maglev and they said they can complete the first spur in three years from the ports to downtown."