AUSTIN — For the past four years, South Coast has been paying the bills.
Now, the state is poised to be paying the first bills for the health system in more than a decade.
The new system is being built by the South Coast Alliance, a nonprofit group that operates a health care network that connects thousands of health care providers across the state.
It is being paid for through a bond issue.
The bonds will be paid for by the state, but the state will own the bond, according to South Coast.
The bond issue will be a first in Texas, said Rick Neely, South Coasts Health Alliance’s president.
The bond issue is expected to generate about $8.3 million for South Coast in the first year.
South Coast will use the funds to build new hospitals, and other improvements to existing facilities.
The alliance will have a financial plan to help pay for these costs.
The bonds were issued by the Texas State Treasury.
South Coasters Health Alliance has received more than $2 billion in bonds since it was founded in 2003.
The alliance is the third health system to be built in the state in the past decade.
In 2014, the State of Texas spent more than half a billion dollars to build a new medical facility for the state’s chronically ill and those with certain conditions.
South Coast Health Alliance was launched in 2012 and is the first system to operate in Texas.