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League-Sponsored Bond Agency Issues $100 Million in Tax-Except Bonds for Hospital in Pasadena

May 7, 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).
 
CSCDA recently issued $100,000,000 in tax-exempt bonds for Huntington Memorial Hospital in Pasadena.
 
About Huntington Memorial Hospital
 
Huntington Memorial Hospital, a nonprofit organization, is a 619-bed facility and home to the only level II trauma center in the San Gabriel Valley. Huntington is renowned for its programs in neurosciences, cardiovascular services and cancer care. It is an active teaching hospital with graduate medical education programs in internal medicine and general surgery. Since 1892, Huntington has served the San Gabriel Valley community and has been committed to excellence, compassion and respect.
 
CSCDA partnered with Barclays and Orrick, Herrington & Sutcliffe, LLP to provide the $100,000,000 in Series 2018 bonds. The Series 2018 bonds were issued to make seismic safety related upgrades to Huntington’s facilities which will preserve 75 inpatient hospital beds.
 
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 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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