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League-Sponsored Bond Agency Issues Nearly $252 Million in Tax-Exempt Bonds for Hospital in Arcadia

December 17, 2018
The League’s co-sponsorship of the California Statewide Communities Development Authority (CSCDA) continues to be one of the most significant benefits for League members.
 
CSCDA announced the issuance of $251.78 million in tax-exempt bonds Methodist Hospital of Southern California (MHSC), based in Arcadia.
 
About Methodist Hospital
 
MHSC is a nonprofit general acute care hospital providing a range of inpatient and outpatient services in the San Gabriel Valley in northeastern Los Angeles County. MHSC currently has 348 licensed beds, is a Medicare 5-Star rated hospital, and treats more than 50,000 patients in the Emergency Department each year. The facility is outfitted with advanced diagnostic technology including a 320-slice CT scanner and high-definition MRI. MHSC also manages state-of-the-art catheterization labs, electrophysiology and neuro-interventional radiology.
 
CSCDA partnered with KeyBanc Capital Markets and Orrick, Herrington & Sutcliffe, LLP to provide the $251.78 million in tax-exempt bonds for MHSC. The bonds will be issued to refinance a taxable loan, significantly reducing MHSC’s annual debt service payments.
 
About CSCDA
 
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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