Not So Bright in Brighton

Brighton notified the bond market Tuesday that it failed to comply with continuing disclosure requirements regarding the filing of financial reports.

The city defaulted on its debt-service payments Aug. 1 and has not filed financial statements or notices since 2003 when it issued $1.12 million of nonrated, uninsured general obligation warrants.

Some $885,000 of the warrants are currently outstanding. The city said it lacked the funds to make the Aug. 1 scheduled interest payment of $22,783 or an additional sinking fund deposit in order to comply with a $35,000 mandatory redemption on Aug. 1.

The city of 2,945 is in Jefferson County, 12 miles southwest of Birmingham.

The City Council Tuesday was expected to discuss whether to take steps to have Brighton annexed by Birmingham, according to the Birmingham News.

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Alabama
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