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League-Sponsored Bond Agency Issues $96.1 Million in Tax-Exempt Bonds for Community Hospital in Monterey

June 30, 2017
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 $96,100,000 in tax-exempt bonds for Community Hospital of the Monterey Peninsula, in Monterey.
About Community Hospital of the Monterey Peninsula (CHOMP)
CHOMP, a California nonprofit public benefit corporation, owns and operates a 258 licensed-bed acute care hospital located in the Carmel Hill area of the Monterey Peninsula. CHOMP also owns and operates Westland House, a 28-bed skilled nursing and hospice facility, and an outpatient hospice facility located in Monterey and provides outpatient healthcare services at various outpatient facilities throughout Monterey County. CHOMP is the market leader for acute care services in its Primary Service Area, identified as the Monterey Peninsula, which includes the communities of Seaside, Monterey, Carmel Valley, Pacific Grove, Marina, Pebble Beach, Sand City, Del Rey Oaks, Big Sur, and unincorporated areas of Monterey County located on the peninsula.
CSCDA partnered with Piper Jaffray to place the $96,100,000 in tax-exempt bonds for CHOMP. The bonds will be used to finance the cost of implementing an electronic medical records system as well as refinance CSCDA’s previously issued Series 2011B Bonds.
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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