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Sen. Parlette Updates on TTC Bailout Bill

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.

 

The

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.