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The next month, in July 1983, WPPSS defaulted on $2.25 billion of municipal bonds, [10] [11] which is the second largest municipal bond default in U.S. history. [3] The court case that followed took nearly a decade to resolve, and WPPSS acquired the nickname "Whoops" in the media. [1] [12] [13] [14]
Prior to I-394, WPPSS had the authority to issue bonds without voter consent as a municipal corporation. [ 6 ] Just a few years later, with the failure of WPPSS to sell nearly US$961,000,000 (equivalent to $3,034,110,000 in 2023) in bonds to complete the project, WNP-3 was placed in an extended construction delay in July 1983 while nearly 76 ...
Robert Brachtenbach wrote the majority opinion, in the famous WPPSS bond default case. The court ruled that Washington local governments lacked sufficient authority to commit to paying for the costs of two nuclear power plants built by an intergovernmental power authority if those municipalities did not receive power or if they did not have ...
The debt ceiling is a limit that Congress imposes on how much debt the federal government can carry at any given time. When the ceiling is reached, the U.S. Treasury Department cannot issue any ...
Nuclear Implosions: The Rise and Fall of the Washington Public Power Supply System is a 2008 book by Daniel Pope, a history professor at the University of Oregon, which traces the history of the Washington Public Power Supply System, a public agency which undertook to build five large nuclear power plants, one of the most ambitious U.S. construction projects in the 1970s.
Fulcrum sold about $290 million of environmental improvement revenue bonds between 2017 and 2020 through the Nevada Department of Business and Industry to fund construction of its Sierra Biofuels ...
Jan. 16—OLYMPIA — During the 2023 election cycle in Washington, 20 school bond measures went on ballots in local elections. Of them, only two met the 60% threshold of votes needed to pass.
WPPSS defaulted on $2.25 billion in bonds resulting in payments that exceeded $12,000 per customer, an amount which was finally paid out in 1992 (10 years later).