Security for California Health Facilities Financing Authority's bonds, issued for Clinicas Del Salud Del Pueblo, is based on California's Health Facilities Construction Loan Insurance Program ("Cal-Mortgage"). In the event of a default, the state can continue to make regularly scheduled debt service payments or issue debentures to the trustee for the benefit of the bond owners having a total face value of and bearing interest at the rate on the respective bonds they replace. Thus the ultimate backing for this issue is the credit of the state of California, and on that basis the bonds are rated 'A+.' Clinicas Del Salud Del Pueblo is a 501(c)(3) corporation that provides primary health care to the low income and medically underserved populations
