* Establishes "California Institute for Regenerative Medicine" to regulate stem cell research and provide funding, through grants and loans, for such research and research facilities.
* Establishes constitutional right to conduct stem cell research; prohibits Institute's funding of human reproductive cloning research.
* Establishes oversight committee to govern Institute.
* Provides General Fund loan up to $3 million for Institute's initial administration/implementation costs.
* Authorizes issuance of general obligation bonds to finance Institute activities up to $3 billion subject to annual limit of $350 million.
* Appropriates monies from General Fund to pay for bonds.
Source for Popular Vote data: California Secretary of State. Statement of Vote 2004 General Election November 2, 2004, California Secretary of State (http://ss.ca.gov/elections/sov/2004_general/formatted_ballot_measures_detail.pdf) (accessed 17 Feb 2007)