Alabama

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.

The Birmingham, Ala., City Council refused to approve the mayor's request for a special bond election.

To prevent further siphoning of revenues from bankrupt Jefferson County's general fund, commissioners will decide whether to close the county's indigent-care hospital.

Former Alabama Gov. Don Siegelman was re-sentenced last week to 78 months in prison for bribery, conspiracy, fraud and obstruction of justice. Siegleman was convicted of selling a seat on a state health panel in return for donations to a failed state lottery initiative.

The Birmingham, Ala., City Council Tuesday delayed making a decision on asking voters for $150 million of general obligation bonds. The council will decide whether to schedule the Oct. 9 referendum in another meeting.

Jefferson County, Ala.'s bankruptcy judge Wednesday will hear arguments about setting a deadline for the county to propose a plan of adjustment, and will consider a Birmingham group's claim for $1.63 billion.

Jefferson County, Ala., has hired George Tablack as its new CFO.

A trustee and an insurer for Jefferson County's defaulted general obligation warrants Tuesday objected to a motion asking the federal judge overseeing the bankruptcy case to set a deadline for the county to file a plan of adjustment for its debts.

Alabama Gov. Robert Bentley Monday added another $78.3 million in road and bridge projects to $138.5 million already approved as part of the state's largest-ever transportation funding program. The projects are part of a $650 million program to be financed with grant anticipation revenue vehicle bonds.

The Bank of New York Mellon says a suit seeking class-action status in Jefferson County's bankruptcy case is "a procedurally improper attempt to pursue frivolous claims."

Bankrupt Jefferson County has formally set its next hearing on sewer system rates for July 24, though no rate proposal is currently being considered.