MassDevelopment has issued an $8 million tax-exempt lease on behalf of Bedford-based New England Life Flight Inc., which does business as Boston MedFlight.

The emergency transport service will use lease proceeds to buy a medically configured helicopter that will replace an existing helicopter to transport ill and injured patients. Lease proceeds will also finance related parts, equipment and training. U.S. Bancorp Government Leasing and Finance purchased the lease.

"This innovative financing option will help Boston MedFlight keep its fleet prepared to transport those most in need throughout New England," said MassDevelopment President and CEO Marty Jones in a statement.

Created in 1984, Boston MedFlight is a cooperative venture among Beth Israel Deaconess Medical Center, Boston Medical Center, Brigham and Women’s Hospital, Children’s Hospital Boston, Massachusetts General Hospital, and Tufts Medical Center. The nonprofit operates three of the four medical helicopters in Massachusetts.