State treasurer requests bill to prevent default
Friday, November 18, 2011
OLYMPIA, Wash. (AP) -- State Treasurer James McIntire is urging lawmakers to pass legislation to prevent a bond default for a Wenatchee events center, saying a default would significantly impact borrowing costs for Washington's other public entities.
The Greater Wenatchee Regional Events Center Public Facilities District has been unable to pay off short-term debt for the Town Toyota Center, a 4,300 seat facility completed in 2008 that hosts hockey games and other events.
The proposal would enable the state to pay the $42 million debt on Dec. 1 by tapping the sales tax revenues from the districts that helped build the arena. The loan would be repaid over no more than 10 years.
McIntire's office says the loan would not affect the state's budget deficit or compete with state operating, capital or transportation budgets.