By a 19 to 8 vote, the State House Ways and Means committee Friday passed on a bailout plan for debt on the Town Toyota Center to the full House. Jay Rich, an attorney working on this issue for the State Treasurer's office told the Committee that a default could have far reaching effects. Rich estimates the legal wrangling would take three to five years and result in huge legal fees. The bill's sponsor, 12th District state representative Mike Armstrong told the committee that time was of the essence. He said if a bill were to pass, it needs to do so within a few days or else the bond holders are expected to move forward with default proceedings. The bill is expected to be heard by the full House Monday.
|
|
E-Mail
Print