What could you do with $8 million dollars?

by Jennifer Lahl, CBC President on September 10, 2005

Last November California voters passed proposition 71, which allows for the sale of $3 billion dollars in bonds ($6 billion with interest) for embryonic and embryo cloning research. Because of several legal challenges (mainly transparency and fiscal accountability issues) no bonds have been able to be sold. The stem cell agency has just awarded 16 grants to the tune of $39.7 million! Sp far they have been running on $8 million in borrowed money. $5 mil from the Dolby Sound family and $3 mil in a state loan. They say next year they will run out of money if the bonds cannot be sold. What a burn rate! Should they be granting awards when the bonds are not able to be sold? The 16 grants awarded will be used to “train students and budding scientists on how to conduct stem cell research, including the cloning of embryos exclusively for research use.”

Question: Do you remember how you voted on prop. 71? Do you remember what prop. 71 was all about? I’d love to hear from you!

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