California Stem Cell Agency Bonds On Sale in March
By Dr. Matthew Watson
Early next month, the state of
California will sell $2.7 billion in bonds, a tiny fraction of which will go
towards the California stem cell agency.
It is all part of an arrangement that
currently involves short-term borrowing as well to keep the cash
pipeline at CIRM properly filled.
currently involves short-term borrowing as well to keep the cash
pipeline at CIRM properly filled.
To refresh some of you, the agency
subsists off money that the state borrows (bonds) instead of going to
the legislature annually for financial support. While that avoids
competing against school children, the poor, the University of
California, state colleges, parks, highways and other interests
seeking state funding, it also means that the cost of a $20 million
grant is something closer to $40 million because of the interest
expense.
subsists off money that the state borrows (bonds) instead of going to
the legislature annually for financial support. While that avoids
competing against school children, the poor, the University of
California, state colleges, parks, highways and other interests
seeking state funding, it also means that the cost of a $20 million
grant is something closer to $40 million because of the interest
expense.
The California Stem Cell Report last
week asked the state treasurer's office about the bond sale March
12-13 and what it means for the stem cell agency. Here is what Tom
Dresslar, spokesman for the treasurer, replied in an email.
week asked the state treasurer's office about the bond sale March
12-13 and what it means for the stem cell agency. Here is what Tom
Dresslar, spokesman for the treasurer, replied in an email.
“CIRM’s funding needs now are met
via the issuance of commercial paper (CP). They’re authorized
a certain amount of CP periodically. Then we work with them on
a regular basis to issue the commercial paper on an as-needed basis.
Last fall, they were authorized $160 million of CP. We will
issue the first $27 million under that authorization (this) week.
This spring, CIRM is scheduled to receive another $100 million
authorization. The Department of Finance , consulting with CIRM
officials, determined the $100 million would be needed to meet CIRM’s
funding requirements through the end of 2013.“Now, here’s where it gets a little
complicated. The state pays down the CP with bond proceeds.
The March ....bond sale includes $60 million of stem
cell bonds. Those proceeds won’t provide new money for CIRM,
but will pay down the CP proceeds CIRM already has used.”
Proposition 71, which created the stem
cell agency in 2004, authorized bond sales for stem cell research for
only 10 years. CIRM's financial timekeepers say the clock started
running when the first bonds were sold. The upshot is that the agency
will run out of money for new grants in less than four years.
cell agency in 2004, authorized bond sales for stem cell research for
only 10 years. CIRM's financial timekeepers say the clock started
running when the first bonds were sold. The upshot is that the agency
will run out of money for new grants in less than four years.
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