SAN FRANCISCO - The Washington State University Board of Regents has approved a $16.25 million revenue bond sale for a new University District Health Clinic.
The clinic is part of the Spokane Teaching Health Center consortium of Empire Health Foundation, Providence Health Care, and WSU Spokane, which was established in November.
The consortium uses federal teaching health center funds to increase the number of physician residencies. So far, the consortium has worked to make available six additional residency slots in Spokane.
"The community has strived for years to increase resident slots as a way to ensure physicians stay in the region once they complete their medical education," said WSU Spokane Chancellor Lisa Brown. "The partnership is a real achievement for Spokane, and we thank the regents for taking this next step."
The bonds will fund the design and construction of the new clinic, which is expected to open in 2016.
In addition to its Spokane location, WSU also has campuses in Vancouver and Richland. Its main campus is located in Pullman.
The university's outstanding revenue bonds are rated Aa2 by Moody's Investors Service and AA by Standard & Poor's.
Moody's said in a recent credit report that the university has a favorable student market position as the state's land grant university with growing total full-time enrollment.
The university has around $540 million of outstanding debt.
