Whoops

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DEFINITION of 'Whoops'

Slang for the Washington Public Power Supply System (WPPSS), which made the record books with the largest municipal bond default in history.

INVESTOPEDIA EXPLAINS 'Whoops'

During the 1970s and 80s, the WPPSS financed the construction of five nuclear power plants through the issuance of billions of dollars worth of municipal bonds. In 1983, due to extremely poor project management, construction on a couple of plants was canceled, and the completion of construction on the remaining plants seemed unlikely. Consequently, the take-or-pay arrangements that had been backing the municipal bonds were ruled void by the Washington Supreme Court. As a result, the WPPSS had the largest municipal debt default in history.... Whoops!

RELATED TERMS
  1. Debt

    An amount of money borrowed by one party from another. Many corporations/individuals ...
  2. Default

    1. The failure to promptly pay interest or principal when due. ...
  3. Take or Pay

    A provision, written into a contract, whereby one party has the ...
  4. Municipal Bond

    A debt security issued by a state, municipality or county to ...
  5. Sub-Sovereign Obligation - SSO

    A form of debt obligation issued by hierarchical tiers below ...
  6. Project Finance

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RELATED FAQS
  1. What is "whoops" and how did it come to refer to one of the biggest municipal bond ...

    The Washington Public Power Supply System (WPPSS) was formed in the 1950s to make certain that the Pacific Northwest had ...
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