Friday, Dec. 2, 2011
State Rep. Jim Moeller’s statements on House Bill 2145, which is scheduled for a public hearing in the House Ways & Means Committee at 3:30 this afternoon. The legislation provides a “bridge loan” to help participants in the Greater Wenatchee Regional Events Center Public Facilities District reach agreement on a finance plan that will address the default of their Public Facilities District bonds.
“It strikes me that we had better step up and be adults on this issue. The last thing we need is any partisan game-playing, or any sort of regional one-upmanship. Let’s keep in mind, too, that if the local governments involved cannot find a way to raise revenue to repay the state, we will be garnishing local sales-tax revenue. Defaults help no one.
“This legislation is the responsible thing to do — not just for Wenatchee, but for many other Washington cities, counties and other local governments going out to sell bonds. Although our Vancouver Public Facilities District is notat risk of default because it isn’t structured like the Wenatchee Public Facilities District, the default has already shown up in the bond-buying community and could have a ripple effect.
“In these tough times, we need to recognize that everyone is struggling — and that this measure before us comes down to saving money for everyone. If I’ve said it once, I’ve said it a hundred times, and yes, I’ll say it here again: We are one Washington, and we don’t turn our backs on neighbors in need.”