Hanford medical assistant Rossana Cobian, who usually serves in a medical office, volunteered to help in the hospital during the December 2020 COVID-19 surge. 2021 Image via Adventist Health

California State Treasurer Fiona Ma announced the sale of close to $92.1 million in bonds for Adventist Health System/West.

Proceeds from the bonds will be used to finance capital improvements across 12 of Adventist’s California hospital sites and several of its clinics, including the purchase of equipment such as X-ray machines, CT and MRI scanners, neuro equipment, sterile processing equipment and more. Proceeds will also be used to fund various projects.

Adventist’s local facilities include hospitals in Hanford, Selma, Reedley and Tulare, as well as several clinics.

Some projects that will receive funding include designing a new imaging suite with CT scan and MRI scan services, converting a fluoroscopy room into a C-Arm procedure room, expanding and/or adding operating rooms, exam rooms and bed capacity, expanding and upgrading various pharmacies and more.

“Proceeds from this bond sale will fund much needed capital improvements across many of Adventist’s hospital sites,” said Treasurer Ma in a news release. “This collaboration will provide an improved healthcare experience for underserved communities in California’s North Coast, Central Valley, and Kern County for years to come.”

With the proceeds, hospitals have the chance to invest more in state-of-the-art technology and provide newer, safer services like Adventist Health Hanford, which has invested in new technology that makes treating kidney stones faster, safer and less invasive for patients using MOSES Pulse 120H holmium laser.

With the sale approved by the California Health Facilities Financing Authority (CHFFA) board, which is chaired by Treasurer Ma, the bonds were priced on Dec. 8, 2022, and issued last Thursday.

The tax-exempt bonds, which were structured with a six-year mandatory put date of Sept. 1, 2028, were priced at an initial yield of 3.13%. The bonds have a final maturity date of March 1, 2040.