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HONORABLE JOHN CHIANG Treasurer of the State of California As Agent for Sale

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HONORABLE JOHN CHIANG Treasurer of the State of California As Agent for Sale NEW ISSUE - BOOKcENTRY ONLY Ratingst In the opinion of Orrick, Herrington & Sutcliffe LLP, Bond Counsel to the Authority, based upon an analysis of existing laws, regulations, rulings and court decisions, and assuming, among other matters, the accuracy of certain representations and compliance with certain covenants, interest on the Bonds is excluded from gross income for federal income tax purposes under Section 103 of the Internal Revenue Code of 1986 and is exempt from State of California personal income taxes. In the further opinion of Bond Counsel, interest on the Bonds is not a specific preference item far purposes of the federal individual or corporate alternative minimum taxes, although Bond Counsel observes that such interest is included in adjusted current earnings when calculating corporate alternative minimum taxable income. Bond Counsel expresses no opinion regarding any other tax consequences related to the ownership or disposition of or the amount, accrual or receipt ofinterest on, the Bonds. See "TAX lv1.ATTERS" herein. $454,200,000 CALIFORNIA HEALTH FACILITIES FINANCING AUTHORITY Refunding Revenue Bonds (STANFORD HEALTH CARE) 2017 Series A Dated: Date of Delivery Due: As set forth on inside cover hereof The 2017 Series A Bonds (the "Bonds") are being issued as fully registered bonds and initially will be registered in the name of Cede & Co., as nominee for The Depository Trust Company, New York, New York ("DTC"). DTC will act as securities depository for the Bonds. Purchases of beneficial interests in the Bonds will be made in book-entry only form (without physical certificates) in denominations of $5,000 and any integral multiple thereof For so long as DTC or its nominee, Cede & Co., is the registered owner of the Bonds, (i) payments of the principal of and interest on the Bonds will be made directly to Cede & Co. for payment to its participants for subsequent disbursement to the Beneficial Owners, and (ii) all notices, including any notice ofredemption, shall be mailed only to Cede &Co. See APPENDIX E - ''BOOK-ENTRY SYSTEM" herein. Interest on the Bonds is payable on May 15 and November 15 of each year, commencing May 15, 2018. The Bonds are limited obligations of the Authority, secured under the provisions of the Indenture and Loan Agreement, as described herein, and will be payable from Loan Repayments made by Stanford Health Care (the "Corporation") under the Loan Agreement and from certain funds held under the Indenture. The obligation of the Corporation to make such payments is evidenced and secured by Obligation No. 39 issued under the Master Indenture, described herein, whereunder the Corporation and any future members of the Obligated Group (collectively, the "Obligated Group") jointly and severally are obligated to make payments on Obligation No. 39 in an amount sufficient to pay the principal of and interest on the Bonds when due. Currently, the Corporation is the sole member of the Obligated Group. The Bonds are subject to mandatory, optional and special optional redemption prior to maturity under certain circumstances described herein. THE BONDS SHALL NOT BE DEEMED TO CONSTITUTE A DEBT OR LIABILITY OF THE STATE OF CALIFORNIA OR OF ANY POLITICAL SUBDIVISION THEREOF OTHER THAN THE AUTHORITY OR A PLEDGE OF THE FAITH AND CREDIT OF THE STATE OF CALIFORNIA OR OF ANY POLITICAL SUBDIVISION THEREOF, BUT SHALL BE PAYABLE SOLELY FROM THE FUNDS THEREFOR PROVIDED. NEITHER THE STATE OF CALIFORNIA NOR THE AUTHORITY SHALL BE OBLIGATED TO PAY THE PRINCIPAL OR PURCHASE PRICE OF THE BONDS OR THE PREMIUM, IF ANY, OR THE INTEREST THEREON EXCEPT FROM THE FUNDS PROVIDED UNDER THE LOAN AGREEMENT AND THE OTHER ASSETS PLEDGED UNDER THE INDENTURE, AND NEITHER THE FAITH AND CREDIT NOR THE TAXING POWER OF THE STATE OF CALIFORNIA OR OF ANY POLITICAL SUBDIVISION THEREOF IS PLEDGED TO THE PAYMENT OF THE PRINCIPAL OR PURCHASE PRICE OF OR THE PREMIUM, IF ANY, OR THE INTEREST ON THE BONDS. THE ISSUANCE OF THE BONDS SHALL NOT DIRECTLY OR INDIRECTLY OR CONTINGENTLY OBLIGATE THE STATE OF CALIFORNIA OR ANY POLITICAL SUBDIVISION THEREOF TO LEVY OR TO PLEDGE ANY FORM OF TAXATION WHATEVER THEREFOR OR TO MAKE ANY APPROPRIATION FOR THEIR PAYMENT. THE AUTHORITY HAS NO TAXING POWER. This cover page contains certain information for quick reference only. It is not intended to be a summary of the security or terms of the Bonds. Investors should read the entire Official Statement to obtain information essential to the making of an informed investment decision. The Bonds are offered when, as and if received by the Underwriters, subject to prior sale, to the withdrawal or modification of the offer without notice, and to the approval of the validity of the Bonds and certain legal matters by Orrick, Herrington & Sutcliffe LLP, Bond Counsel to the Authority, the approval of certain matters for the Corporation by its counsel, Ropes & Gray LLP, San Francisco, California, for the Authority by its counsel, the Attorney General of the State of California, and for the Underwriters by their counsel, Norton Rose Fulbright US LLP, San Francisco, California. It is expected that the Bonds in book-entry form will be available for delivery through the facilities of DTC, on or about December 28, 2017. HONORABLE JOHN CHIANG Treasurer of the State of California As Agent for Sale MORGAN STANLEY GOLDMAN SACHS & CO, LLC BARCLAYS December 1 9, 2017 t See "Ratings." $454,200,000 CALIFORNIA HEALTH FACILITIES FINANCING AUTHORITY Refunding Revenue Bonds (STANFORD HEALTH CARE) 2017 Series A Maturity Principal Interest (November 15) Amount Rate Yield CUSIPNo. t 2021 $ 7,125,000 5.00% 1.64% 13032UPY8 2022 9,635,000 5.00 1.76 13032UPZ5 2023 13,475,000 5.00 1.88 13032UQA9 2024 17,615,000 5.00 1.99 13032UQB7 2025 18,480,000 5.00 2.08 13032UQC5 2026 19,320,000 5.00 2.19 13032UQD3 2027 20,260,000 5.00 2.31 13032UQEI 2028 21,225,000 5.00 2.42° 13032UQF8 2029 22,270,000 5.00 2.53° 13032UQG6 2030 23,340,000 5.00 2.58° 13032UQH4 2031 24,465,000 5.00 2.63° 13032UQJ0 2032 25,695,000 5.00 2.68° 13032UQK7 2033 26,805,000 5.00 2.73° 13032UQL5 2034 23,390,000 5.00 2.77° 13032UQM3 2035 19,310,000 5.00 2.80" 13032UQNI 2036 26,160,000 5.00 2.83° 13032UQP6 2037 30,225,000 5.00 2.86° 13032UQQ4 $105,405,000 4.00% Term Bonds due November 15, 2040; Priced to Yield 3.25%"; CUSIP No. 13032UQR2 t A rrgisterrd trademark of The American Bankers Association. CU SIP data is provided by CU SIP Global Services ("CGS"), managed by S&P Global Market Intelligence on behalf of The American Bankers Association. This data is not intended to err ate a database and does not serve in any way a.s a substitute for the CGS database. CU SIP numbers arr provided for convenience of reference only. None of the Authority, the Corporation or the Undenvriters assumes any responsibility for the accuracy ofsuch numbers. c Priced to call at par on the optional redemption date ofNovember 15, 2027. This Official Statement does not constitute an offer to sell the Bonds or the solicitation of an offer to buy, nor shall there be any sale of the Bonds by any person in any state or other jurisdiction to any person to whom it is unlawful to make such offer, solicitation or sale in such state or jurisdiction. No dealer, broker, salesperson or any other person has been authorized to give any information or to make any representation, other than those contained in this Official Statement in connection with the offering of the Bonds and, if given or made, such information or representation must not be relied upon. The Underwriters have provided the following sentence for inclusion in this Official Statement: The Underwriters have reviewed the information in this Official Statement in accordance with and as part of their responsibilities to investors under the federal securities laws as applied to the facts and circumstances of this transaction, but the Underwriters do not guarantee the accuracy or completeness of such information. The information set forth herein under the captions "THE AUTHORITY" and "ABSENCE OF MATERIAL LITIGATION-The Authority" has been furnished by the Authority. The Authority does not warrant the accuracy of the statements contained herein relating to the Corporation nor does it directly or indirectly guarantee, endorse or warrant (I) the creditworthiness or credit standing of the Corporation, (2) the sufficiency of the security for the Bonds or (3) the value or investment quality of the Bonds. The Authority makes no representations or warranties whatsoever with respect to any information contained therein except for the information under the sections entitled "THE AUTHORITY" and "ABSENCE OF MATERIAL LITIGATION-The Authority." The information relating to DIC and the book-entry system set forth herein under the caption "THE BONDS-General" and in Appendix E hereto has been furnished by DIC. Such information is believed to be reliable but is not guaranteed as to accuracy or completeness and is not to be construed as a representation by the Authority, the Corporation or the Underwriters. All other information set forth herein has been obtained from the Corporation and other sources (other than the Authority) that are believed to be reliable, but such information is not guaranteed as to accuracy or completeness and is not to be construed as a representation by the Authority or the Underwriters. The information and expressions of opinion herein are subject to change without notice, and neither the delivery of this Official Statement, nor any sale of the Bonds made hereunder, shall create under any circumstances any indication that there has been no change in the affairs of the Authority, DIC or the Corporation since the date hereof This Official Statement is being provided to prospective investors in connection with the issuance of securities referred to herein and may not be used, in whole or in part, for any other purpose.
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