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League-Sponsored Bond Agency Issues Approximately $45 Million in Tax-Exempt Bonds for Community Hospital of the Monterey Peninsula in Monterey

September 23, 2019
The League’s co-sponsorship of the California Statewide Communities Development Authority (CSCDA) continues to be a significant benefit for League members.
CSCDA announced the issuance of $45 million 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 the acute care hospital with 258 licensed hospital beds, 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. In addition, CHOMP provides outpatient healthcare services at various outpatient facilities throughout Monterey County. CHOMP delivers acute care services in 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 and Bank of America Public Capital Group to issue the $45 million in tax-exempt bonds for CHOMP. The bonds will be used to finance a variety of capital projects including the following:
  • Purchase of a robot and other equipment upgrades to its hybrid OR/catheterization unit.
  • Construction and equipping of a new breast care center.
  • Renovation of multiple urgent care centers.
  • Renovation of a patient bed wing in its main hospital.
  • Equipping of a new PET/CT scanner and Emergency Department radiology equipment. 
Created by cities and counties for cities and counties, 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. More than 530 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 $60 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. For more information about La Clínica, please visit: www.laclinica.org.

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