Alabama

In a cross appeal brief this week, Jefferson County, Ala., argues that the bankruptcy judge erred when he allowed sewer warrant holders to be paid with the Chapter 9 case pending.

Birmingham, Ala., voters overwhelmingly approved ballot measures authorizing $150 million of general obligation bonds.

Gov. Robert Bentley said Alabama would not create a health insurance exchange plan under the federal Affordable Care Act.

The 11th Circuit Court of Appeals has yet to rule on a number of pending motions in Jefferson County, Ala.'s Chapter 9 bankruptcy.

Alabama's Birmingham-Jefferson Civic Center Authority has seen its bonds upgraded to investment grade after S&P determined that revenues are not affected by Jefferson County's bankruptcy.

A proposed restructuring of lease revenue warrants sold by Jefferson County, Ala., in 2006 would not reduce principal or interest payments to investors, according to insurer Ambac Assurance Corp.

Bankrupt Jefferson County, Ala., told general obligation warrants holders Wednesday that it plans to default on the warrants until they are restructured in the county's Chapter 9 case.

Jefferson County, Ala., commissioners approved a restructuring agreement with Ambac Assurance Corp. to reduce annual payments securing revenue warrants.

Moody's Investors Service said Monday that the Sept. 18 decision by Alabama voters to enable the state to draw funds from an endowment to prop up the 2013 budget is a credit negative.

The judge overseeing Jefferson County's bankruptcy case has rejected requests to set a deadline for preparing a plan of adjustment.

Alabama voters gave state officials authority to transfer funds from a trust referred to as the "state savings account" to avoid a general fund deficit.

Voters in Alabama will be asked in a statewide referendum Tuesday to allow state budget transfers to shore up a $185 million deficit.

Memphis-based, fixed-income broker-deal Carty & Co. has expanded its new public finance division into Alabama, with an eye toward other states in the Southeast.

Jefferson County, Ala.'s proposed rejection of a courthouse lease could lead other municipalities in bankruptcy to reject debt-secured leases.

The Birmingham City Council Tuesday approved calling for a special election Oct. 9 to ask voters for approval to issue $150 million of bonds.

The judge overseeing Jefferson County, Ala.'s bankruptcy is being asked to stop a lawsuit filed by the city of Birmingham.

GLC Advisors, representing investors owning $700 million of Jefferson County's defaulted sewer warrants, says low interest rates could make a refinancing possible.

Municipal bond issuance in the Southeast during the first half of this year was up by 57% to $34 billion - nearly the same amount that was lost between 2011 and 2010.

Bankrupt Jefferson County has rejected the lease securing $82.5 million of warrants. A payment default could occur on Oct. 1, though the debt is insured by Ambac.

Lloyds TSB sold its defaulted Jefferson County, Ala., sewer warrants, and is the second creditor to drop an appeal in the nation's largest municipal bankruptcy.