Press Release

For More Information Contact the NJHCFFA
Communications Department:
609-292-8585 X142
For Release: March 31, 2005
MARK E. HOPKINS
EXECUTIVE DIRECTOR

CONTACT: Stephanie Zschunke
PHONE: 609-292-8585
Date: March 31, 2005

 

$25 MILLION IN BONDS ISSUED FOR
ATLANTICARE REGIONAL MEDICAL CENTER EXPANSION

 

(Trenton)  Yesterday, AtlantiCare Regional Medical Center, formerly known as Atlantic City Medical Center, closed on a $25 million loan from the New Jersey Health Care Facilities Financing Authority (the "Authority"), a State organization that provides New Jersey's health care providers with access to low cost capital.  The loan proceeds, together with other monies, will finance construction costs and equipment purchases related to the Medical Center's Emergency Department and OB/GYN Mainland Expansion Project.

 

The funds were issued through the Authority's Capital Asset Loan Program ("CAP"), which is designed to take advantage of bonds issued prior to the 1986 changes in the tax laws.  Loans under the program are continuously repaid, making fresh funds available for other health care organizations in need of capital. 

 

AtlantiCare Regional Medical Center, formerly known as Atlantic City Medical Center, is a not-for-profit hospital that provides the region's only Level II Trauma Center, its only neonatal intensive care unit, and comprehensive cancer and heart centers. It has 581-beds in its two divisions: City Campus located in Atlantic City; and, Mainland Campus located in Pomona, New Jersey. 

 

The Authority is the primary issuer of municipal bonds for New Jersey's health care organizations. Created in 1972 by an act of the Legislature to provide not-for-profit health care providers with access to low-cost capital, the Authority's statutory powers were expanded in 1998 to include financing for all health care organizations or components thereof. During its 30-year history, the Authority has issued over $11 billion in bonds on behalf of over 140 health care organizations throughout the state.

 

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