Rich Saskal of The Bond Buyer wrote that the state of California plans to use a portion of the proceeds "to provide forward funding for taxable bond programs, such as affordable housing and stem cell research."
The news came as a bit of a surprise to some members of CIRM's board of directors that we queried. The agency itself and the treasurer's office have not yet responded to our inquiries, which is not unexpected since they went out overnight.
The stories in Bond Buyer and the Los Angeles Times did not specify how much cash is likely to be forthcoming for CIRM, which would have run out of money next fall without additional funding. Bonds are virtually the only source of cash for CIRM's operations and grants.
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