The Mississippi Hospital Equipment & Facility Authority (MHEFA) incurred one of the busiest years in its existence, even though there were no new bond issues. All activities involved restructuring existing bond issues to deal with the financial crisis that unfolded during the year.

Due to the collapse of the Auction Rate bond market in February, followed by the credit market freeze and then rising variable and fixed interest rates, there were two bond issue conversions, two redemptions, one refinance cancelled just before closing, two stand-by bond purchase agreements cancelled just before completion, and two bond issues converted to self-liquidity due to a stand-by bond purchase agreement non-renewal.