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Home > News > News Articles > 2020 > July > League-Sponsored Bond Agency Issues More Than $170 Million in Tax-Exempt and Taxable Bonds for Large
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League-Sponsored Bond Agency Issues More Than $170 Million in Tax-Exempt and Taxable Bonds for Large Healthcare Delivery System in East San Gabriel Valley

July 15, 2020
The largest nonprofit health care delivery system in East San Gabriel Valley, Emanate Health, will undergo a variety of renovations and upgrades at various locations, including cities of Covina, West Covina, and Glendora, using tax-exempt and taxable bonds issued by the California Statewide Communities Development Authority (CSCDA).
 
CSCDA partnered with Kaufman Hall, Barclays, and Orrick, Herrington & Sutcliffe, LLP to provide $170,255,000 in Series 2020 bonds. The bonds were issued to finance the construction of two separate buildings at the Queen of the Valley Hospital campus located in West Covina, upgrades to Emanate Health Inter-Community Hospital located in Covina, the conversion of an existing building in Glendora into a primary and specialty care facility that will be known as the “Glendora Amelia Medical Office Building,” and refinance Emanate’s 1998 Certificates of Participation.
 
The Emanate Health System includes three acute care hospitals with a total of 621 licensed acute care beds, a ten-bed inpatient hospice facility, a home health care agency, and a network of medical clinics and diagnostic facilities. In each of the past three years, nearly one million residents in the East San Gabriel Valley relied on the Emanate Health System for their health care needs. The Emanate Health System provides care in both inpatient and outpatient settings across a range of medical, surgical, and specialty services.
 
The League’s co-sponsorship of CSCDA continues to be a significant benefit for League members. CSCDA has issued more than $63 billion in tax-exempt bonds for projects that provide a public benefit by creating jobs, affordable housing, healthcare, infrastructure, schools, and other fundamental services.
 
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.
 
Visit CSCDA’s website for additional information on the ways in which CSCDA can help your city.


 
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