Washington arena default

Officials hoped to issue long-term bonds to pay off the notes, but a Superior Court judge ruled in September that the bonds would put the city over its debt limit. All series had been rated SP-1 earlier this year. Moody's Investors Service this month downgraded Wenatchee's general obligation bond rating three notches to A3 from Aa3 for the same reason. The PFD issued the Bans to help fund construction of the 4,seat Town Toyota Center arena, a financial disaster since its opening in The center had only been able to contribute part of the annual payments using sales tax revenues, leaving the rest of the cost to the city, which has had its own fiscal problems.

The firm hired to help build and manage the center, Global Entertainment Corp. After the first year, the center fired GEC, hired a general manager, and took over operations. Since then, revenues improved enough to cover operations. Regional News. Log In. Follow Us In Real Time twitter facebook linkedin.

Tags Bankruptcy Washington. By Randall Jensen December 01, , p. EST 3 Min Read. Close extra sharing options. Randall Jensen. For reprint and licensing requests for this article, click here. Bankruptcy Washington. Primary bond market. Short end pressured while investors await primary for guidance. Despite a short-end U. Primary bond market. Short end pressured while investors await primary for guidance.

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