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Our
History
The Authority was established by the Arizona legislature in
1977 to issue bonds for the purpose of improving health care
for residents of this state by providing less expensive financing
for health care facilities. Historically, the Authority issued
tax-exempt bonds exclusively for Arizona's largest and highest
credit rated hospitals. However, the Authority realized that
those hospitals with the greatest need for financing would
not qualify for Authority issued tax-exempt financing due
to their credit rating. Additionally, smaller non-hospital
facilities were not eligible for financing under the Authority's
enabling legislation.
In 1996 the Authority began a process to expand its mission
to encompass a broader spectrum of health care financing.
The Authority desired an enhanced ability to address unmet
need for health care facilities in rural and underserved areas
of the state. The Authority developed a strategic plan that
would position it to be responsive to the needs of rural and
underserved areas of the state while maintaining its historical
commitment to the large non-profit hospitals.
In 1997 the Authority led a successful effort to amend its
enabling legislation to allow more flexibility in issuing
bonds. These amendments permitted the Authority to finance
a greater array of health care projects and removed the requirement
for high credit ratings.
In 1999 the Authority created a program to provide low-cost
loans for rural and underserved health care facilities (Arizona
Health Assistance Program) and hired its first Executive Director.
Blaine Bandi represents the Authority with over 17 years experience
in healthcare administration. Mr. Bandi has significant experience
in the areas of healthcare planning, primary care administration,
and rural and medically underserved populations in Arizona.
In 2000 the Authority created a low-cost, tax-exempt pooled
loan program. The Health Care Pooled Loan Program is designed
to leverage rural participation by sharing issuance costs
with larger healthcare institutions. These activities demonstrate
the Authority's commitment to financing the future of healthcare
in Arizona. The Authority is poised to be a catalyst in the
development of health care services in rural and underserved
areas of the state. As a quasi-governmental body, the Authority
is well positioned to leverage both public and private financing
for the development of new services and nurturing of appropriate
existing services.
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