Elma, WA-based Summit Pacific Medical Center sold $75 million in public revenue bonds that will fund a $58 million January 2024 expansion, per Becker’s.
By 2053, the hospital will have paid back a total of $189 million. The expansion, which is expected to be completed by 2026, will add 30,000 square feet and 10 beds to the hospital. The bond sale will also pay off a prior federal loan and go to a debt service fund.
This was the first time the hospital sold revenue bonds. The bonds are exempt from federal income tax.
