$65,000,000 Health Care Facility Lease Revenue Bonds, Series 2005
$22,960,000 Health Care Facility Lease Revenue Bonds, Series 2006
Preakness Healthcare Center (the “Center”) and the County of Passaic looked to the Authority to finance the expansion and renovation of the Center’s existing facility. The Authority issued $65,000,000 in Health Care Facility Lease Revenue Bonds, Series 2005 and $22,960,000 Health Care Facility Lease Revenue Bonds, Series 2006 in order to construct a new 259,736 square foot building with 340 additional beds, demolition of an existing building and landscaping around the new and old facility. The County, which owns the property, has entered into a lease agreement with the Authority under which the County will make rental payments pursuant to the lease in a sufficient amount to pay debt service on the outstanding bonds.