New Measure Eligible for California’s November 2020 Ballot

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Authorizes Bonds to Continue Funding Stem Cell and Other Medical Research. Initiative Statute.
SACRAMENTO, June 23 (Punjab Mail) – Secretary of State Alex Padilla announced that an initiative became eligible for the for the November 3, 2020 General Election ballot today.
In order to become eligible for the ballot, the initiative needed 623,212 valid petition signatures, which is equal to five percent of the total votes cast for governor in the November 2018 General Election.
A measure can become eligible via random sampling of petition signatures if the sampling projects that the number of valid signatures is greater than 110 percent of the required number. The initiative needed at least 685,534 projected valid signatures to become eligible by random sampling, and it exceeded that threshold today.
On June 25, 2020, the Secretary of State will certify the initiative as qualified for the November 3, 2020 General Election ballot, unless it is withdrawn by the proponent prior to certification pursuant to Elections Code section 9604(b).
The Attorney General’s official title and summary of the measure is as follows:
AUTHORIZES BONDS TO CONTINUE FUNDING STEM CELL AND OTHER MEDICAL RESEARCH. INITIATIVE STATUTE. Authorizes $5.5 billion in state general obligation bonds to fund grants from the California Institute of Regenerative Medicine to educational, non-profit, and private entities for: (1) stem cell and other medical research, therapy development, and therapy delivery; (2) medical training; and (3) construction of research facilities. Dedicates $1.5 billion to fund research and therapy for Alzheimer’s, Parkinson’s, stroke, epilepsy, and other brain and central nervous system diseases and conditions. Limits bond issuance to $540 million annually. Appropriates money from General Fund to repay bond debt, but postpones repayment for first five years. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local governments: State costs of $7.8 billion to pay off principal ($5.5 billion) and interest ($2.3 billion) on the bonds. Associated average annual debt payments of about $310 million for 25 years. The costs could be higher or lower than these estimates depending on factors such as the interest rate and the period of time over which the bonds are repaid. The state General Fund would pay most of the costs, with a relatively small amount of interest repaid by bond proceeds. (19-0022A1.)
The proponent of the measure is Robert N. Klein. They can be reached c/o James C. Harrison of Remcho, Johansen & Purcell, LLP at (510) 346-6203. The address for Remcho, Johansen & Purcell, LLP is 1901 Harrison Street, Suite 1550, Oakland, CA 94612.
For more information about how an initiative qualifies for the ballot in California, visit https://www.sos.ca.gov/elections/ballot-measures/how-qualify-initiative/.


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