Tuesday, October 18, 2011

Alabama County's Effort To Avert Bankruptcy In Peril

State legislators representing Jefferson County, Ala., have balked at backing bills needed to help Alabama's most populous county resolve its fiscal crisis, reopening the possibility it may file what would be the largest municipal bankruptcy in history.

A tentative agreement reached last month between county commissioners and holders of more than $3 billion in sewer debt hinges upon passage of several state laws. Alabama Gov. Robert Bentley said he was willing to call a special session for legislators, but only if there was enough support among local lawmakers for passage.

Read the rest of the article at the Wall Street Journal

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