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League-Sponsored Bond Agency Issues $51.9 Million in Tax-Exempt Bonds for Children’s Hospital in San Diego

May 19, 2016
Some of the most significant benefits of League membership for cities since 1988 have flowed from the League’s co-sponsorship of the California Statewide Communities Development Authority (CSCDA).
This program provides a variety of public agencies and developers access to low-cost, tax-exempt financing and economic development tools. CSCDA recently issued a total of $51,960,000 in tax-exempt bonds for Rady Children’s Hospital in San Diego.
About Rady Children’s Hospital
Rady Children’s Hospital (Rady Children’s) is a nonprofit, 522-bed pediatric-care facility dedicated to excellence in care, research and teaching. Rady Children’s mission is to restore, sustain and enhance the health and developmental potential of children through excellence in care, education, research and advocacy. Rady Children’s is the only hospital in the San Diego area dedicated exclusively to pediatric healthcare and the region’s only designated pediatric trauma center. Furthermore, Rady Children’s is a referral center for treatment of critically ill and seriously injured children throughout the Southwestern United States. In affiliation with the University of California, San Diego School of Medicine, Rady Children’s is the region’s teaching hospital for the next generation of pediatric physicians. The hospital is also a major pediatric clinical research center, working in collaboration with world-renowned institutions, including UC San Diego and St. Jude Children’s Research Hospital.
CSCDA partnered with Wells Fargo Securities to underwrite the $51,960,000 in tax-exempt bonds for Rady Children’s. The Aa3/AA- rated bonds will be used to refinance CSCDA’s previously issued 2006 Bonds, allowing Rady Children’s to significantly reduce its bond debt service and interest cost.
CSCDA is a joint powers authority created in 1988 and is sponsored by the League of California Cities® and the California State Association of Counties. It was created by cities and counties for cities and counties. 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 $50 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 CSCDA’s website for additional information on the ways in which CSCDA can help your city.

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