State Controller John Chiang Tuesday directed his office to conduct a financial audit of the California Institute of Regenerative Medicine. CIRM was created by the 2004 ballot measure that authorized $3 billion of general obligation bonds to finance medical research using stem cells.Chiang announced the audit at the annual meeting of the institute’s citizens financial accountability oversight committee, which reviews and verifies the accuracy of the CIRM’s annual independent audit and provides recommendations on the institute’s financial practices and performance.“Considering the institute has already made grants to 23 research agencies and the treasurer has sold $250 million in bonds for additional research, it is imperative that the research financing move forward in an ethical and transparent manner,” Chiang said. “Immediate action is necessary to guarantee the institute is effectively overseeing grants, and that grant recipients are using state funds appropriately and in a manner consistent with the stem cell initiative.”
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The University repriced to lower yields up to 15 basis points Wednesday while Illinois accellerated its pricing of its tax-exempt GOs and were repriced yesterday afternoon with bumps of 10 to 13 basis points and saw $1.5 billion of retail orders alone.
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California lawmakers asked the high court to intervene on the measure headed for November's ballot.
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Immigration effects in municipalities are seen as pros and cons
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A state judge issued a temporary injunction against enforcement of the Energy Discrimination Elimination Act, which has led to the ban of seven financial firms, including four big municipal bond underwriters, from government contracts.
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"One big challenge is the amount of advocates that we've had in Congress that will be retiring or no longer running for re-election," said SIFMA's Leslie Norwood.
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Lawmakers in Illinois have proposed legislation to consolidate the Chicago Transit Authority, Metra, Pace and the Regional Transportation Authority.
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