The California Health Facilities Financing Authority approved issuing $450 million in tax-exempt revenue bonds for Sutter Health System to construct a 70-bed hospital in Santa Rosa, a three-story medical clinic in Sunnyvale specializing in obstetrics and gynecology, and a three-story medical clinic in San Carlos offering urgent care and other services.

Sutter Health has sole responsibility for paying back the bonds issued by conduit issuer CHFFA, whose stated mission is to provide financial assistance to California’s public and nonprofit hospitals.

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