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October 2019
Dear friends,
I made it a point to tour hospitals funded through financing arranged by the California Health Facilities Financing Authority (CHFFA), a state financing program I oversee as California State Treasurer. Since January 2019, CHFFA has approved more than $1 billion of conduit bond financing, $5 million in loans, and $30 million in grants.
These health care facilities are serving our children and our communities in profoundly beneficial ways. I am fortunate to have met so many wonderful and caring doctors, nurses, hospital staff, and administrators. (For more information, see page 3.)
I personally experienced this care in San Diego at the Rady Children’s Hospital, and also at the Mattel Children’s Hospital at UCLA, Loma Linda’s Children’s Hospital, UCSF Children’s Hospital, UCSD Children’s Hospital, the Children’s Hospital of Orange County, the Children’s Hospital UC Irvine, and the Earl & Loraine Miller Children’s & Women’s Hospital in Long Beach.
In the near future I plan to visit the UC Davis Children’s Hospital, the Children’s Hospital and Research Center Oakland, Children’s Hospital Los Angeles, Lucile Packard Children’s Hospital Stanford, and the Valley Children’s Hospital.
In Peace & Friendship,
Fiona
Click to Read the Full Letter
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California Health Facilities Financing Authority (CHFFA)
The California Health Facilities Financing Authority (CHFFA) provides financial assistance to public and non-profit health care providers through loans, grants and bonds. Facilities funded by CHFFA reflect the range of financial needs experienced by health care facilities throughout the state – from rural community-based organizations to large multi-hospital systems.
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Meet Darren Shearer, September’s Employee-of-the-Month. He began his state career with his current position as an Office Technician at the California Alternative Energy & Advanced Transportation Financing Authority (CAEATFA) in March 2018.
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Dear Fiona,
I am the president of a private nonprofit university in California. We are exploring the idea of remodeling a couple of our buildings and are looking into our options for financing such a project. I’m interested in learning more about your Bond Financing Program for post-secondary institutions. Specifically, what are the benefits of entering into a bond transaction with the Treasurer’s Office?
– Jason
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A monthly update on key legislation for Treasurer Ma
California Recycling Market Development Act
Establishes the California Recycling Market Development Act. This bill extends the sunset provision for five years for the Recycling Market Development Zone Program and the California Alternative Energy and Advanced Transportation Financing Authority (CAEATFA) advanced manufacturing program by five years to 2026. (Awaiting Governor’s signature.)
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Treasurer Fiona Ma Encourages Health Facilities to Apply for Lifeline Grants
Before Time Runs Out
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California State Treasurer Fiona Ma is reminding health facilities that the California Health Facilities Financing Authority (CHFFA) Lifeline Grant Program still has millions of dollars in grant money to disburse and the program is coming to an end soon. Lifeline grants are administered by CHFFA, which is chaired by Treasurer Ma.
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Calendar of recent and upcoming public finance activities and bond sales
September 5
Various Purpose General Obligation Bonds and Various Purpose General Obligation Refunding Bonds (Approx. $2.4 billion)
The $2,405,320,000 sale included $1.741 billion of refunding bonds to refinance previously issued bonds under 24 different bond acts for debt service savings, and converts $250 million of variable rate bonds to a fixed rate. The refunding will save taxpayers $690 million over the next 20 years (or $588 million on a present value basis). Final yields to investors ranged from a low of 1.07% for a 2020 maturity with a 3% coupon to a high of 2.72% and 2.07% for 2049 maturities with 3% and 5% coupons, respectively. The all-in true interest cost was 2.54%.
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Calendar of Upcoming BCA Events
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Boards, Commissions and Authorities (BCAs) within the State Treasurer’s Office
October 31 – California Health Facilities Financing Authority
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The Ma Squad
Children’s Hospital Tour
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July 19. At the UCLA Mattel Children’s Hospital (Los Angeles) where proceeds from the Children’s Hospital Program helped pay for the pediatric-associated costs of a 525-bed replacement hospital, including a neonatal intensive care unit, pediatric intensive care unit, and medical-surgical beds. Additional funds helped construct a 266-bed replacement hospital at the hospital’s Santa Monica campus. The Treasurer and her team met with Johnese Spisso, President and Chief Operating Officer; Dr. Sherin Devaskar, Department of Pediatrics; Santiago Munoz, Chief Strategy Officer; Richard Azar, Chief Operating Officer; and Rhonda Curry, Chief Communications Officer.
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July 26. At Loma Linda University Medical Center and Children’s Hospital to present the hospital with a check for $55 million, a disbursement that will defray the cost of building a new tower for the children’s hospital. In addition to the new tower, proceeds from the Children’s Hospital Program will help pay for equipment and seismic separation between the new and old towers. The Treasurer met with Kerry Heinrich, Chief Executive Officer; Dr. Richard Chinnock, Chair of the Pediatrics Department; Scott Perryman, Senior Vice President; and Steve PonTell and Jeff Burum with National Community Renaissance.
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August 7. Visiting the intensive care nursery and infant care program at the Benioff Children’s Hospital at Mission Bay. Proceeds from the Children’s Hospital Program reimbursed the hospital for eligible proportional costs of constructing the new UCSF Medical Center at Mission Bay, a six-story, 289-bed inpatient hospital and an attached six-story outpatient building. The Treasurer was received by Jamie Phillips, Chief Operating Officer; Robert Fries, Chief Financial Officer; Kimberly Scurr, Vice President, Operations; Dr. Tippi Mackenzie, Professor of Surgery; Dr. Liz Rogers, Associate Professor of Pediatrics; Dr. Tom Shimotake, Professor of Pediatrics; Paul Takayama, Assistant Vice Chancellor, Government Relations; Amiee Alden, Local and State Government Relations Director.
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August 16. Touring the postpartum rooms, birth center and delivery rooms, and the neonatal intensive care unit at the UCSD Jacobs Medical Center in La Jolla. Proceeds from the Children’s Hospital Program reimbursed the hospital for eligible proportional costs of renovating the Thornton Hospital, constructing a 245-bed tower adjacent to Thornton Hospital (Jacobs Medical Center), and constructing a central utility plant. Treasurer Ma met with Marie Webber, Chief Administrative Officer for Women and Infants, and Psychiatric and Ophthalmologic Services; Lori Donaldson, Chief Financial Officer; Whit Robinson, Chief Administrative Officer, Facilities, Capital Management, and Hospital Services; Jandy Smith, Administrative Director for Women and Infants Services; Ala Garza, Director of Nursing for Women and Infants; and Zachary Schlagel, Assistant Director of Government Affairs.
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Public tours of your state Capitol are conducted each week,
every hour during business hours.
Just show up at Room B-27! For more details, call (916) 324-0333.
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Don’t want to receive emails from the California State Treasurer Ma?
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