CGS-authored

Sacramento -- A new state finance panel took its first steps Monday to get some money flowing to the California stem cell research enterprise created by Proposition 71.

State Treasurer Phil Angelides presided over the inaugural meeting of the California Stem Cell Research and Cures Finance Committee, created by Prop. 71 to oversee the stem cell fund-raising program -- through taxpayer-backed bonds.

In an echo of November's election when Prop. 71 was approved, the finance committee authorized the issuance of $3 billion in state bonds to bankroll a 10-year program of research grants, new facilities and training efforts.

The six-member committee also took a step voters didn't anticipate, approving $200 million in short-term notes to finance the stem cell enterprise before the longer-term bonds can be floated.

For most state programs that depend on bond financing, such actions would generate little attention outside public finance circles. But not much can be done in the stem cell field without at least some controversy, and that was evident once again at Monday's meeting in a packed hearing room near the state Capitol....