CHEMICAL BANK, Respondent,
v.
WASHINGTON PUBLIC POWER SUPPLY SYSTEM, Respondent, COLUMBIA RURAL ELECTRIC ASSOCIATION, INC., ET AL, Petitioners.
The Supreme Court of Washington, En Banc.https://leagle.com/images/logo.png
June 15, 1983.
June 15, 1983.
Attorney(s) appearing for the Case
Helsell, Fetterman, Martin, Todd & Hokanson, by Richard S. White, David F. Jurca, and Linda J. Cochran, for petitioner Columbia Rural Electric Ass'n.
Stimson Bullitt, Gordon W. Wilcox, and John D. Lowery (of Riddell, Williams, Bullitt & Walkinshaw), for 21 petitioners.
Gordon, Thomas, Honeywell, Malanca, Peterson & O'Hern, by Albert R. Malanca, Kenneth G. Kieffer, Donald S. Cohen, and John C. Guadnola, for petitioners Washington Public Utilities Group.
Milne, Lemargie & Fitterer, by Robert Milne, for Grant County PUD No. 2.
Davis, Arneil, Dorsey, Kight & Parlette, by David J. Dorsey, for Chelan County PUD No. 1.
Williams, Novack & Hansen, by Jeffrey E. Pratt, for Snohomish County PUD No. 1.
George, Hull & Porter, P.S., by John D. Reagh and Richard A. Pitt, for petitioners Cities of Canby, Cascade Locks, and Drain.
Jones, Grey & Bayley, P.S., by Hugo E. Oswald, Jr., Margaret E. Pageler, and Charles H. Thulin, for petitioner City of Ellensburg.
Detels, Draper, Madden & McGee, by Martin P. Detels and Bonita L. Olson; Rankin, McMurry, VavRosky & Doherty, by Garry P. McMurry; and Haugeberg & Rueter, by David Haugeberg, for petitioners Cities of McMinnville and Springfield.
Smith & Rosellini, by Jacob L. Smith, for petitioner City of Sumas.
Lane, Powell, Moss & Miller, John R. Tomlinson, Larry S. Gangnes, and H. Peter Sorg, Jr. (Schwabe, Williamson, Wyatt, Moore & Roberts, Rockne Gill, J. Laurence Cable, Donald A. Haagensen, and Bernard Ryan; Heisler & Heisler and Stanley D. Heisler; and George P. Winslow, Jr., of counsel), for petitioners Oregon PUD's.
Frome & Goulding and Ted C. Frome, for petitioner Lower Valley Power and Light, Inc.
Velikanje, Moore & Shore, Inc., P.S., by Scott L. Schmidtman, for petitioners Borgens, et al.
William H. Rodgers, Jr., Peter J. Eglick, and Michael W. Gendler, for petitioners Clark County PUD Owners' Ass'n, et al.
Betts, Patterson & Mines, P.S., by Michael Mines (Cravath, Swaine & Moore, of counsel), for respondent Chemical Bank.
Culp, Dwyer, Guterson & Grader, Richard C. Yarmuth, Michele Coad, Earle J. Hereford, Jr., Edwards & Barbieri, and Malcolm L. Edwards, for respondent Washington Public Power Supply System.
Roberts & Shefelman, George M. Mack, and Joni H. Ostergaard (James M. Taylor, City Attorney, of counsel), for respondent City of Richland.
Forrest W. Walls, Douglas H. Rosenberg, and William M. Doyle on behalf of Washington Public Ports Association, amici curiae for respondents.
The Supreme Court of Washington, En Banc.
BRACHTENBACH, J.
The Washington Public Power Supply System (WPPSS) issued revenue bonds to obtain funds to construct two nuclear generating plants known as WNP-4 and WNP-5. Bonds in the face amount of approximately $2.25 billion have been issued; repayment with interest will cost approximately $7.2 billion. Chemical Bank is the trustee for the bondholders.
Construction of the two plants was undertaken. On January 22, 1982, WPPSS terminated construction of...
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