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NEWS RELEASE

April 30, 2002

Media Contact:
   Chuck McFadden (530 class="padtable") 987-9193 charles.mcfadden@ucop.edu

GOV. DAVIS SIGNS FUNDING FOR CALIFORNIA INSTITUTES, UC MERCED

Gov. Gray Davis has signed legislation that will provide $308 million in lease-revenue bonds to help build the four University of California Institutes for Science and Innovation and an additional $26.7 million to construct the first classroom building at UC Merced.

State funds provided under the bonds for the institutes must be matched 2-to-1 by non-state dollars. The funding mechanism creates a three-way partnership between the state, private industry and the University of California.

"The governor and the Legislature have acted boldly to ensure that the institutes will go forward with the research and discoveries that are vital to California's technology-oriented economy," UC President Richard C. Atkinson said.

Lease revenue bonds are sold by the state treasurer, with the proceeds used to fund construction costs for the institutes. Debt service on the bonds will be funded through lease payments made each year by the university with funds provided by the state through the annual budget. Lease revenue bonds have been a common source of funding for capital projects, including many of the university's hospital and other critical life-safety projects.

The governor announced creation of the four institutes in December 2000. Under his plan, the state is investing $100 million in each institute, with every dollar from the state being matched with at least two dollars in non-state funding. Total funding for the initiative is expected to be no less than $1.2 billion, including $800 million in non-state matching funds.

The institutes and their participating campuses are:

  • The California Institute for Bioengineering, Biotechnology and Quantitative Biomedical Research (UC San Francisco, UC Berkeley and UC Santa Cruz).
  • The California Nanosystems Institute (UCLA and UC Santa Barbara).
  • California Institute for Telecommunications and Information Technology (UC San Diego and UC Irvine).
  • Center for Information Technology Research in the Interests of Society (UC Berkeley, UC Davis, UC Merced and UC Santa Cruz).

The UC Merced campus is expected to open in fall 2004 with an enrollment of 1,000 students.

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