Alabama

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.

French bank Societe Generale sold its holdings in bankrupt Jefferson County, Ala.'s sewer warrants, and has asked to withdraw from two potentially precedent-setting appeals.

The Internal Revenue Service has closed its audit of $162.53 million of general fee revenue bonds issued by Auburn University, Ala., in 2007 with no change the bonds' tax-exempt status.

Federal Judge Thomas Bennett Friday entered several major orders that chisel away portions of the $1.63 billion class-action suit filed in Jefferson County, Ala.'s Chapter 9 bankruptcy case.

Alabama Gov. Robert Bentley has signed a bill setting up a plan to repay $438 million the state will borrow from the Alabama Trust Fund to prop up the state's general fund budget.

The judge overseeing Jefferson County, Ala.'s bankruptcy case this week began hearings on a $1.63 billion class-action claim seeking to invalidate the county's sewer warrants.

Bankrupt Jefferson County, Ala., reached a settlement with Depfa Bank to reduce the interest rate on $162.5 million of variable-rate school warrants.

Historically low interest rates last year helped boost bond sales across the Southeast to $63 billion, an increase of 33% over 2011. The surge in debt was propelled by refundings.

Bank of New York Mellon's suspension of bankrupt Jefferson County, Ala.'s sewer warrant payments prompted Standard & Poor's to drop its rating to D, while Moody's said investors are now subjected "to the risk of higher losses."

Assured Guaranty said Monday that it disagrees with the trustee for Jefferson County, Ala.'s sewer warrants to suspend payments, and will continue to make good on its insurance policies.

Bank of New York Mellon said Friday that it will stop payments on Jefferson County, Ala.'s defaulted sewer warrants, and will seek court approval to accelerate payment of outstanding principal.