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Bankruptcy on the table for Alabama County: Governor | Reuters
FYI
If I recall correctly the amount of debt for the sewer system generally got out of hand through some creative accounting the county did along with some Wall Street banks
Bankruptcy is still a "very strong possibility" for Alabama's Jefferson County, Governor Robert Bentley said on Saturday -- a move that could make for the largest municipal bankruptcy in U.S. history.
A $3.2 billion bond debt related to Jefferson County's sewer system has pushed the county toward the brink, and a rare Chapter 9 municipal bankruptcy could have ripple effects in the $2.9 trillion U.S. municipal bond market.
FYI
If I recall correctly the amount of debt for the sewer system generally got out of hand through some creative accounting the county did along with some Wall Street banks