California's Heavy Hitter: Bonds

摘要

State bonds for stem-cell work flew off the shelves in a 2-day sale last week in California in what supporters say illustrates popular interest in the state's nascent research effort. Individual investors snatched up more than 40% of the $250 million worth of bonds designed to finance Proposition 71, the initiative voters passed in November 2004 to authorize a $3 billion institute. "We were thinking we'd get about $30 million" in sales to individuals, but "we wound up with almost $103 million," says California treasury spokesperson Tom Dresslar. Lawsuits that were finally resolved this spring delayed the sales of the bonds for more than 2 years.