Jefferson County Researching Bankruptcy Option
Advertisement
Text size: small | medium | large
Associated Press
Published: August 25, 2008
BIRMINGHAM, Ala. (AP) - Jefferson County Commission President
Bettye Fine Collins has told attorneys to begin research on the
impact a bankruptcy filing for the county that has a $3.2 billion
sewer debt and soaring interest rates.
Collins had been part of a 3-2 majority on the commission that
opposed filing what would be the largest municipal bankruptcy on
record. She now appears to be softening that opposition.
Banks that hold much of the sewer debt convinced Jefferson County
in 2002 and 2003 to refinance what had been mostly fixed-rate bonds
into variable- and adjustable-rate warrants that are causing the
county’s financial crisis.
—-
Information from: The Birmingham News
Post a Comment
The commenting period has ended or commenting has been deactivated for this article.
Can't find what you're looking for? Try our quick search:
