Wash. Supreme Court to hear case on arena debt
Monday, January 9, 2012
OLYMPIA, Wash. (AP) -- The Washington state Supreme Court will hear arguments Tuesday over whether a public facilities district in Wenatchee should be able to refinance a nearly $42 million debt for an events arena.
The Town Toyota Center debt went into default Dec. 1.
The Greater Wenatchee Regional Events Center Public Facilities District owns the financially troubled arena. The district had intended to sell long-term bonds backed by the city's credit to pay off short-term investors.
But a Chelan County Superior Court judge ruled in September that guaranteeing the bonds would count as debt and exceed the city's current limit.
An effort by some state lawmakers to help rescue the district from default died during the Legislature's special session late last year.