The House Ways & Means committee is slated to take up another bill to bail out the city of Wenatchee, which defaulted on $42 million in bonds this morning at 10:00. News reports that I have not been able to verify indicated that bondholders have given Wenatchee another week to convince the legislature to help out and the city is reportedly paying penalties for every day the legislative debate continues.
There are more than 300 bondholders, but even the legislators do not have the full list. However the more Washington state bondholders that surface the higher the stakes for public policymakers.
Board of Trustees
The board of trustees met today for updates on a variety of subjects, including a the academic program review task force, plans for accommodating anticipated budget reductions, and, of course, legislative and marketing updates. My legislative update included the observation that the legislature does not appear to be coalescing around budget principles, let alone specifics. Budget leaders predicted this week that they would not be able to come an agreement in December and would have to return to the discussion in January, when the 60-day session convenes on Jan. 9.
WAIT – the legislative hearing is on. Be back later………..