Industry Pulse: November 2008

CALIFORNIA – On Nov. 4, voters across the country chose Barack Obama as their next president, and in California voters approved Proposition 3, a huge measure that will provide $980 million for capital improvements at children’s hospitals across the state. The measure provides funding for construction projects, expansions and renovations at eight not-for-profit children’s hospitals and another five pediatric hospitals that are part of the University of California system. The hospitals will have to cover some of the expenses of their projects, however, as the bond proceeds will represent between 10 percent and 25 percent of the total capital investment available to the eligible hospitals. The hospitals say the remaining funds would come from operating margins, philanthropy and borrowing. The state plans to pay back the debt on the 30-year general obligation bonds with funds in its general fund, not additional taxes. The need for Proposition 3, according to

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