State and federal officials have announced $120 million in federal funding to build part of a high-speed rail project between New Haven and Springfield, Mass. The 62-mile project calls for service every 30 minutes during peak periods and every 60 minutes at other times. Speeds would reach up to 110 miles an hour. Governor Dannel P. Malloy’s office projects that 1.26 million riders will use the service annually by 2030. The money will be combined with $174 million in state bond financing. The funding, announced Monday, brings the federal commitment to the project to $191 million.