Franklin County on losing end of $300,000 bond default
PASCO -- KEPR is learning Franklin County may be out more than a quarter-million dollars in taxpayer money.
It's the result of a bond purchased out of Wenatchee several years ago, to help fund the Town Toyota Center. It's a common investment opportunity for many cities and counties.
But in this case, Wenatchee defaulted on its bond in December, which means Franklin County is now out it's original $300,000 principal payment. The county has received almost $200,000 interest payments since December of 2009. But now, it's unclear if, or when, the rest of that money will ever be paid back.
Action News has also learned the Wenatchee facility is expected to lose close to another $500,000 by the end of 2012.
Franklin County Treasurer Josie Koelzer tells KEPR Wenatchee officials are still examining their options. But any legal action by the county to try and recoup that money would also cost more money.
So at this point, she says it is a waiting game. But it could have a definite impact on the Franklin County budget later this year.
It's the result of a bond purchased out of Wenatchee several years ago, to help fund the Town Toyota Center. It's a common investment opportunity for many cities and counties.
But in this case, Wenatchee defaulted on its bond in December, which means Franklin County is now out it's original $300,000 principal payment. The county has received almost $200,000 interest payments since December of 2009. But now, it's unclear if, or when, the rest of that money will ever be paid back.
Action News has also learned the Wenatchee facility is expected to lose close to another $500,000 by the end of 2012.
Franklin County Treasurer Josie Koelzer tells KEPR Wenatchee officials are still examining their options. But any legal action by the county to try and recoup that money would also cost more money.
So at this point, she says it is a waiting game. But it could have a definite impact on the Franklin County budget later this year.
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