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League-Sponsored Bond Agency Finances Tax-Exempt Bonds for Medical Center in Chico

November 23, 2015
The California Statewide Communities Development Authority (CSCDA) announced today that it issued $173,730,000 in tax-exempt bonds for Enloe Medical Center located in Chico.
 
About Enloe Medical Center

Enloe Medical Center, a 501c3 nonprofit organization, is a 298-bed non-profit hospital with the mission of improving the quality of life through patient-centered care. It is one of two Level II trauma centers north of Sacramento, houses the region’s only Level II neonatal intensive care unit and operates the FlightCare air ambulance service. Enloe’s comprehensive medical services include cardiac surgery and heart care, neurosurgery, orthopedics, total joint replacement, cancer care, maternity care, women's services and bariatrics.
 
About the Financing

CSCDA partnered with Bank of America Merrill Lynch to underwrite the $173,730,000 in tax-exempt bonds for Enloe. The AA- rated bonds will be used to refinance CSCDA’s previously issued 2008 Bonds, allowing Enloe to significantly reduce its bond debt service.

Background

CSCDA is a joint powers authority created in 1988 and is sponsored by the California State Association of Counties and the League of California Cities. More than 500 cities, counties and special districts are program participants in CSCDA, which serves as their conduit issuer and provides access to efficiently finance locally-approved projects.  CSCDA has issued more than $52 billion in tax exempt bonds for projects that provide a public benefit by creating jobs, affordable housing, healthcare, infrastructure, schools and other fundamental services. Visit the CSCDA website for more information.


 
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