The deadline to make a 42 million dollar bond payment on the Town Toyota Center came and went at ten o'clock Thursday morning, technically putting the Center into default. 12th District state representative Mike Armstrong says the state treasurer has put together an arrangement with bondholders, buying lawmakers a little time, perhaps a week, to pass a bailout plan. Armstrong says the bill may get a hearing Friday in the House Ways and Means Committee and go to the House floor for a vote on Monday. If approved the bill would move over to the Senate. Armstrong says it's a challenge to get the through the process in such a short time. The plan would make the bond payment by using cash in an account that collects local sales and use taxes. Jurisdictions in the Wenatchee area would pay it back over time. The members of the PFD would have 13 months to come up with a payment plan. Armstrong adds the bill has undergone some changes since it was first brought forward in Olympia. We'll have more on the bill on 560 KPQ a little after four Thursday afternoon when 12th District State Represenative Cary Condotta is scheduled to be our in-studio guest.
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