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League-Sponsored Bond Agency Issues Nearly $400 Million in Tax-Exempt Bonds for Loma Linda University Medical Center

August 24, 2018
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).
 
The California Statewide Communities Development Authority (CSCDA) announced the issuance of $399,795,000 in tax-exempt bonds for Loma Linda University Medical Center.
 
About Loma Linda University Medical Center
 
Loma Linda University Medical Center (LLUMC), a 501c3 nonprofit organization, provides nearly 900 beds for patient care throughout its campuses in Loma Linda, Redlands and Murrieta. LLUMC operates some of the largest clinical programs in the United States in areas such as neonatal care and outpatient surgery. It is recognized as the international leader in infant heart transplantation and proton treatments for cancer. Each year, LLUMC admits more than 33,000 inpatients and serves roughly 500,000 outpatients. LLUMC is the only level one regional trauma center and Children’s Hospital for Inyo, Mono, Riverside, and San Bernardino counties.
 
CSCDA partnered with Bank of America Merrill Lynch and Orrick, Herrington & Sutcliffe, LLP to provide the $399,795,000 in tax-exempt bonds for LLUMC. The bonds will provide additional financing for LLUMC’s Campus Transformation Project, which includes the construction of a new health complex on the University Hospital and Children’s Hospital campus.
 
Background
 
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 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.


 
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