A bill meant to rescue a Wenatchee public arena from its default on $42 million of notes passed the Washington House Monday. But the measure appeared to lack the votes to pass the Senate during the special session that lasts until Christmas vacation.
The Greater Wenatchee Regional Events Center Public Facilities District defaulted Dec. 1 on $42 million of bond anticipation notes.
Earlier this month, state Treasurer James McIntire spurred the crafting of the rescue bill, citing the need to prevent the contagion of one local default from spreading to other local Washington credits.
The rescue package would have financed the note payoff with a loan backed by an intercept of state sales tax distributions.
