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Ala. county votes for largest municipal bankruptcyAla. county board votes to declare largest ever municipal bankruptcy for $4B over sewer debt
BIRMINGHAM, Ala. (AP) ' Leaders of Alabama's most populous county have voted to file an estimated $4.1 billion bankruptcy, the largest municipal bankruptcy in U.S. history.
The Birmingham news (http://bit.ly/rsevQ5) reports the Jefferson County Commission's action came after spending about six hours over two days meeting with its lawyers to discuss legal options. Those options included a Chapter 9 bankruptcy filing and a settlement with creditors on the county's $3.14 billion sewer debt.
Commissioner Jimmie Stephens made the motion to file bankruptcy, saying it's time to resolve the issue.
The county has been trying for several years to find a way to resolve its sewer debt crisis and fix its fiscal 2012 county general fund budget, which commissioners have said needs another $40 million.
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