Jefferson County Commission President Bettye Fine Collins has told attorneys to begin research on the impact a bankruptcy filing for the county that has a $3.2 billion sewer debt and soaring interest rates.
Collins had been part of a 3-2 majority on the commission that opposed filing what would be the largest municipal bankruptcy on record. She now appears to be softening that opposition.
Banks that hold much of the sewer debt convinced Jefferson County in 2002 and 2003 to refinance what had been mostly fixed-rate bonds into variable- and adjustable-rate warrants that are causing the county’s financial crisis.
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