Lawmakers pushing $42 million Wenatchee bailout
Tuesday, November 22, 2011
OLYMPIA, Wash. (AP) -- Lawmakers are releasing a plan that seeks to provide a $42 million bailout package to help a Wenatchee-area agency avoid default on the city's arena.
The Office of the State Treasurer says key members of the Legislature are set to file a bill Wednesday. State officials have been seeking a package that would make a key bond payment next week and allow jurisdictions in the Wenatchee area to pay it back over time.
A plan proposed by the treasurer would not use state money but would make the payment using part of a cash buffer in an account that collects local sales and use taxes.
The Greater Wenatchee Regional Events Center Public Facilities District has been unable to pay off short-term debt for the Town Toyota Center arena.