Georgia counties 'running out of options' with budget challenges Florida Times-Union
ATLANTA — Georgia counties aren't facing money problems as large as one in Alabama, but they've got big headaches.
Commissioners in Jefferson County, the home of Birmingham, are debating whether to declare bankruptcy over $3.2 billion in loans secured through bonds used to upgrade their sewer system.
Bankruptcy there would also cover school and construction bonds issued by the county for a total debt of $4.1 billion, making it the largest municipal failure in U.S. history.
No Georgia counties are known to be close to a similar disaster, but some observers think they and some cities could have tougher times borrowing for water and sewer improvements here.
"After several years of declining revenues as a result of falling tax digests, counties are certainly feeling the impact," said Beth Brown, spokeswoman for the Association County Commissioners of Georgia. "Many are running out of options and are making more cuts to programs and services, and in some cases, raising the millage rate."
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