Alabama

Jefferson County, Ala., approved a plan with JPMorgan, bond insurers and seven hedge funds holding $2.4 billion of sewer warrants that could help the county exit Chapter 9 bankruptcy.

Jefferson County, Ala., has a busy week ahead with major court hearings on the county's Chapter 9 exit plan and motions to dismiss a suit claiming the county's sewer swaps are invalid.

Alabama Gov. Robert Bentley announced that more than 250 new road and bridge projects will move forward thanks to a $25 million bond program for rural counties.

The Jefferson County, Ala., Commission is expected to approve another settlement with creditors over $105 million of defaulted 2001B variable-rate general obligation warrants.

The Jefferson County, Ala., Commission thought it had landed a state Supreme Court justice as a replacement for the recently retired county attorney but the attorney backed out less than a week later.

Moody's Investors Service issued a report on Wednesday that examined the local governments and school districts that rely on federal employment, procurement, Medicare reimbursement and education grants that would be most affected by sequestration.

A hearing in Alabama federal court will consider a motion by Bank of New York Mellon, which wants a detailed review of bankrupt Jefferson County's sewer system finances, studies, assets, and future plans.

Years after former Alabama Gov. Bob Riley waged war to eliminate casino-like slot machines operated as electronic charity bingo games, bondholders are still in court fighting to salvage their investments.

Bankrupt Jefferson County, Ala., is looking for a new head staff attorney after county commissioners secured the involuntary retirement of Jeff Sewell.

Bankruptcy Judge Thomas Bennett ruled that Assured Guaranty Municipal Corp. cannot proceed with its lawsuit against JPMorgan in New York state court because it involves bankrupt Jefferson County, Ala.

The Securities and Exchange Commission objects to further delay in the 2009 case against two JPMorgan bankers charged with bribing Jefferson County, Ala., commissioners and broker-dealers to win business.

The judge overseeing Jefferson County, Ala.'s bankruptcy set a hearing May 9 to discuss the schedule for filing a plan of adjustment. The county says it is making headway in the nation's largest Chapter 9 case.

Bankrupt Jefferson County, Ala., on April 1 continued to suspend payment on outstanding fixed-rate general obligation warrants, relying on the insurer for the payment.

Alabama Rep. John Rogers, D-Birmingham said he will sponsor legislation to re-institute an occupational tax for bankrupt Jefferson County.

The Securities and Exchange Commission has asked a federal court in Birmingham, Ala., to set a trial date for two former JPMorgan bankers facing charges related to bankrupt Jefferson County's defaulted sewer deals.

While Central Falls, RI, and Pittsburgh see light at the end of their tunnels, other tales of municipal distress from Harrisburg to California are much messier.

Jefferson County, Ala., expects to file a plan to adjust its debts in 90 days, said commission president David Carrington. A plan could help guide the county out of the country's biggest municipal bankruptcy.

Birmingham, Ala.'s $75 million general obligation sale will use a convertible capital appreciation bond structure; the city wants to avoid confusion with bankrupt Jefferson County.

Moody's Investors Service affirmed its B3 rating on bankrupt Jefferson County, Ala.'s $747 million of school warrants. The outlook remains negative.

Some Alabama state legislators upset about the downsizing of Jefferson County, Ala.'s indigent care hospital have filed bills that would increase disclosure requirements and redirect indigent funds.