KATV Channel 7 The Spirit of Arkansas: Alabama county rejects settling $3.1B ... KATV

12.08.11

BIRMINGHAM, Ala. (AP) - Leaders of Alabama's most populous county voted unanimously Friday to reject a settlement with Wall Street creditors to pay off more than $3.1 billion in debt and bought more time to avoid what would be the largest municipal bankruptcy ever filed.

The five members of the Jefferson County Commission also unanimously approved a resolution to give the commission president and finance chair until Sept. 16 to personally negotiate a deal.

The county has been trying to avoid filing bankruptcy over more than $3.1 billion in sewer system debt for three years. Its problems stem from a mix of outdated sewer pipes, the economy, court rulings and public corruption.

State officials and a court-appointed receiver have been closely involved in the negotiations. Republican Gov. Robert Bentley's chief of staff, David Perry, attended Friday's meeting.

Perry said a Chapter 9 bankruptcy proceeding was still a possibility but "a general framework for a deal is in place."

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arkansas home lender refinance - News

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