Ala. county votes to settle debt, avoid bankruptcy BusinessWeek
Leaders of Alabama's largest county on Friday chose to settle with Wall Street over $3.1 billion in debt from a sewer system overhaul rather than go through with what would have been the largest municipal bankruptcy in U.S. history.
Jefferson County Commissioners agreed in principle to the deal, but the state legislature must take action in a special session to complete the deal and commissioners said bankruptcy was still possible if that legislation doesn't go through.
Commissioner Jimmie Stephens, who oversees county finances, said there was no certainty legislators would approve the mix of local tax hikes and budget changes required to make the deal final. "It's a problem," he said.
Jefferson County has been trying to avoid filing bankruptcy over the sewer system debt since 2008. Its problems stem from a mix of outdated sewer pipes, the economy, court rulings and public corruption.
The main effect of a settlement for county residents would be higher monthly bills for sewer service. Jefferson County has about 658,000 residents and is home to both Alabama's largest city, Birmingham, and its medical and financial centers.
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