Alabama

The federal judge overseeing the Jefferson County, Ala., bankruptcy case has set deadlines for creditors to file proof of claims.

WASHINGTON — Birmingham and Montgomery, Ala., have the highest combined state and local tax rates, at 10%, among major U.S. cities, a new report found.

BRADENTON, Fla. — As a hearing continued in Birmingham, Ala., Thursday to determine what amount of sewer revenues will go to pay debt, Jefferson County said in a filing that it is pursuing avenues to set sewer rates and has hired a consultant.

With less than two weeks left in the 2012 legislative session, Alabama lawmakers have yet to consider bills that would provide fiscal relief to Jefferson County, the state's most populous county and home to Birmingham.

Tuesday afternoon the Birmingham News reported a federal district judge ruled that the county's creditors could appeal the county's eligibility to file for Chapter 9.

Birmingham, Ala.-based Balch & Bingham LLP will expand its public finance practice next month with the addition of the seven bond attorneys from Presley Burton & Collier LLC.

As Birmingham, Ala., continues to plan a referendum on a $75 million bond issue, the local school superintendent is proposing to ask voters for a tax increase, according to the Birmingham News.

Jefferson County, Ala.'s decision to skip general obligation warrant payments is yet another example of a troubling trend in municipal finance — the unwillingness to pay debts even when funds are available, observers said.

The Birmingham City Council Tuesday approved a resolution urging Jefferson County’s legislative delegation to reinstate an occupational tax or give the county limited home rule.

Jefferson County, Ala., said Wednesday that it will no longer make payments on its general obligation warrants.

Alabama Gov. Robert Bentley is seeking transportation proposals that will be funded with the first round of financing from $600 million to $650 million of grant anticipation revenue vehicle bonds the state intends to sell.

Eight creditors holding various claims related to Jefferson County, Ala.’s defaulted sewer debt filed notices late Monday saying that they want to appeal the county’s eligibility to file a Chapter 9 bankruptcy petition.

Bond insurers came and went last week in the Bank of New York Mellon’s legal challenge in Jefferson County’s bankruptcy case.

The Alabama Public School and College Authority last week saved more than $26 million refinancing $90.9 million of outstanding capital improvement pool bonds and $90.6 million of economic development and training bonds.

Jefferson County is eligible for bankruptcy despites its lack of bond debt under a ruling issued late Sunday by U.S. Bankruptcy Judge Thomas Bennett.

A bankruptcy court judge in Alabama Wednesday afternoon certified multiple appeals filed in Jefferson County, Ala.'s Chapter 9 case, allowing them to be heard in the 11th Circuit Court of Appeals in Atlanta.

Federal Bankruptcy Judge Thomas Bennett has scheduled a hearing for March 23 to hear Assured Guaranty Municipal Corp.’s legal motion for relief from Jefferson County, Ala.’s bankruptcy.

David Hooks was hired last week to be Jefferson County’s director of capital structure and investments, according to the Birmingham News.

BRADENTON, Fla. — Alabama Gov. Robert Bentley is proposing to sell as much as $500 million of grant anticipation revenue vehicle bonds to finance upgrades to road and bridges in projects that his office would select after consulting with local leaders around the state.

Moody’s Investors Service last week said it continues to review Jefferson County’s ratings for possible downgrade. They were placed under review after the county filed for Chapter 9 bankruptcy in November.