Alabama

The IRS is auditing $378.15 million of gas supply variable rate revenue bonds and $4.82 million of gas supply fixed rate subordinated revenue bonds that the Lower Alabama Gas District issued in September 2007.

The 11th Circuit Court of Appeals Thursday granted permission for nine petitioners to directly appeal federal Judge Thomas Bennett's ruling that stripped a state-court appointed receiver of the right to run Jefferson County's sewer system.

Assured Guaranty Municipal Corp. Tuesday asked Jefferson County, Ala.'s bankruptcy judge to order the county to file a plan of adjustment by the end of September.

Moody's Investors Service said Monday that a recent ruling in Jefferson County, Ala.'s bankruptcy case is a credit positive because it will prevent revenues securing the county's $3.14 billion of defaulted sewer warrants from being further diluted.

Federal Bankruptcy Judge Thomas Bennett said Friday June 29 that Jefferson County cannot keep sewer revenues in excess of operating expenses that are specified in bond documents. The county wanted to withhold the funds to pay estimated legal estimates and establish a reserve fund. Jefferson County currently pays $5.5 million a month in debt service on the $3.2 billion of outstanding sewer bonds. The county filed for bankruptcy in November 2011.

The U.S. Supreme Court Monday denied a request by Florida and Alabama to review the so-called tri-state water war case the two states are fighting against Georgia about water from the Lake Lanier reservoir.

Jefferson County Commissioner Joe Knight wants to remove disgraced former county commissioner Mary Buckelew's name from a road.

In a court filing Sunday, Jefferson County, Ala., said that major creditors holding the county's sewer debt have been invited to "testify" before the County Commission at its next sewer rate hearing on July 24.

If the Birmingham City Council approves holding a special election, voters would be asked Oct. 9 to approve the sale of up to $150 million of GO bonds to finance a variety of projects.

The U.S. Supreme Court is scheduled Thursday to consider whether it will review the so-called water war case between Georgia, Florida and Alabama.

Jefferson County residents complain that creditors holding $3.14 billion of defaulted sewer warrants helped push the county into Chapter 9 municipal bankruptcy.

Jefferson County, Ala.’s bankruptcy case administrator must search for new members to serve on a committee representing unsecured creditors, Judge Thomas Bennett ruled last week.

The Jefferson County, Ala., Commission has scheduled the first of three public hearings on sewer rates, which provide the revenue securing the county’s $3.14 billion of defaulted sewer warrants.

More than a dozen Birmingham residents, including two City Council members and two Alabama lawmakers, on Monday filed a $1.63 billion claim in Jefferson County's Chapter 9 bankruptcy case.

BRADENTON, Fla. — Alabama Gov. Robert Bentley Thursday selected 105 road and bridge improvement projects for the first round of funding in the Alabama Transportation Rehabilitation and Improvement Program, or ATRIP.

The Alabama Legislature ended a special session last week by passing a bill that will ask voters to increase borrowing for economic development projects.

Jefferson County, Ala., plans public hearings on sewer rate increases from June through the fall, according to the Birmingham News.

BRADENTON, Fla. — Bond insurer Syncora Guarantee Inc. warned prospective buyers of some of Jefferson County, Ala.'s defaulted auction-rate sewer warrants that the insurer may seek to subordinate that debt to its own claims if the warrants are sold to investors by JPMorgan.

After the Alabama Legislature adjourned May 16 without providing Jefferson County fiscal relief, the federal judge overseeing the bankruptcy case will be asked Thursday to give the county additional time to decide whether to reject a lease securing $82.5 million of revenue warrants, the county said in a court filing last week.

After the Alabama state Legislature ended its regular session refusing to provide fiscal relief to Jefferson County, commissioners Tuesday redirected money that might have paid GO warrants to the general fund for operations. The county lacks authority to impose taxes without state approval.