November 29, 2011
A panel of
state lawmakers has given early approval to a $42 million bailout package that would prevent a Wenatchee-area
agency from defaulting on arena debt.
The measure passed 18-7 in a committee vote Monday night
after lawmakers voiced plenty of reluctance about the plan. State officials fear that a default will ripple across
the state and make it more difficult for similar agencies to borrow.
The proposal that
lawmakers are eyeing would use a state-managed fund for local taxes to make a key bond payment on Thursday and
allow local jurisdictions to pay back over time. It would not impact the state budget.
Greater Wenatchee Regional Events Center Public Facilities District has been unable to pay off short-term debt for
the Town Toyota Center arena.
Senator Parlette joined us by phone to talk about the bill's
chances in the senate.