Alabama

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.

A Financial Industry Regulatory Authority arbitration panel ordered Memphis-based Morgan Keegan & Co. to pay a Birmingham investor $1.95 million for misrepresenting that the Jefferson County, Ala., sewer bonds he purchased were safe, liquid and tax-free investments.

BRADENTON, Fla. — Jefferson County, Ala., on Friday filed a notice of cross appeal and said that it may challenge a bankruptcy judge's ruling that allows sewer revenues to be used for debt service payments.

Investors holding $3.14 billion of Jefferson County, Ala.'s sewer warrants should continue to see uninterrupted debt-service payments over the next few months thanks to an interim agreement approved by the county's bankruptcy judge this week.

Georgia is once again in the crosshairs of a water-rights dispute as neighboring Alabama and Florida filed appeals with the U.S. Supreme Court on Monday.

Standard & Poor’s last week affirmed its C rating on $2.3 billion of Jefferson County’s sewer system revenue warrants.

The Jefferson County Commission Tuesday voted to hire a director of capital structure and investments to manage the $4.2 billion of debt that was placed into bankruptcy in November.

BRADENTON, Fla. — Facing a 25% shortfall in the general fund, Alabama Gov. Robert Bentley said during his state of the state address Tuesday night that he would not raise taxes.

Jefferson County, Ala., said it has not used sewer system revenues for unauthorized expenses as alleged by the trustee for the county's $3.14 billion of defaulted sewer warrants.

BRADENTON, Fla. — The Bank of New York Mellon on Friday filed a complaint for declaratory judgment alleging that Jefferson County, Ala., has misused sewer system revenues that otherwise would go to pay debt service.

BRADENTON, Fla. — Syncora Guarantee Inc. on Thursday joined a dozen creditors seeking to appeal various rulings by the federal judge in Alabama overseeing Jefferson County's bankruptcy case.