The California Health Facilities Financing Authority approved an application for more than $900 million in tax-exempt bond financing by Sacramento-based Sutter Health that included requirements for charitable contribution from the not-for-profit health system. The bonds are to fund construction of a number of new and replacement healthcare facilities as well as seismic retrofits. The CHFFA board's approval is contingent on finalization of an agreement under which Sutter Health will provide an additional tangible demonstration of its commitment to pass along to consumers savings from the use of tax-exempt financing. Under terms of the agreement, Sutter Health will invest $4 million over six years in technology grants to rural hospitals for electronic health technology system connectivity, including support of lifesaving electronic intensive care unit monitoring systems. Sutter Health will invest another $4.5 million over six years to help support community clinics in northern California. Read the news release.
