Alabama

BRADENTON, Fla. - Jefferson County, Ala., late Friday released its 2009 audit, with authors reiterating as they did earlier this year that the County Commission's ability to continue as a going concern is in substantial doubt without restructuring the local government's troubled debt.

Gov. Robert Bentley Tuesday announced the appointment of Marquita Davis as director of the Alabama Finance Department.

House Financial Services Committee chairman Spencer Bachus, R-Ala., last week told mayors in Jefferson County that he believes the right decisions will be made by county commissioners dealing with the sewer debt crisis, according to the Birmingham News.

The 11th Circuit Court of Appeals in Atlanta on Oct. 4 will hear arguments in the appeal filed by former Jefferson County Commissioner Gary White.

Birmingham voters go to the polls next Tuesday to decide among six candidates who will be the next mayor of Alabama’s biggest city. Mayor William Bell, who won the office in January 2010, is seeking reelection.

Brighton notified the bond market Tuesday that it failed to comply with continuing disclosure requirements regarding the filing of financial reports.

BRADENTON, Fla. - The small city of Brighton, Ala., has defaulted on general obligation warrants it issued in 2003.

BRADENTON, Fla. - Jefferson County, Ala., commissioners may decide Friday whether to file for bankruptcy if creditors holding $3.14 billion of troubled sewer debt do not agree to accept the county's final offer to restructure the debt.

BRADENTON, Fla. - The federal judge presiding over a Securities and Exchange Commission civil suit permanently enjoined former Jefferson County, Ala., commission president Larry Langford from violating securities laws in the future.

BRADENTON, Fla. - The 11th Circuit Court of Appeals in Atlanta Friday affirmed the conviction of Larry Langford, one-time president of the Jefferson County Commission and former mayor of Birmingham.

BRADENTON, Fla. - Jefferson County, Ala., commissioners last week sent a new settlement offer to creditors holding $3.14 billion of defaulted variable- and auction-rate sewer warrants.

Ron Davis only recently found out about Central Falls' predicament."Somebody sent me an e-mail two days ago," Davis, the mayor of Prichard, Ala., said Thursday in a telephone interview.But his city of 23,000 residents along Alabama's Gulf Coast and the Rhode Island city in bankruptcy court, both with similar population sizes, have experienced major struggles with pension-debt gridlock.

BRADENTON, Fla. - Commissioners in Jefferson County, Ala., planned to meet Thursday to continue discussions about settling with creditors who own $3.14 billion of troubled sewer debt, or else file the largest-ever municipal bankruptcy in U.S. history.

The Birmingham City Council Tuesday unanimously approved the issuance of $215 million of revenue bonds on behalf of the University of Alabama Health Services Foundation.

BRADENTON, Fla. - Attorneys representing Jefferson County and a financial adviser for Alabama told the Securities and Exchange Commission Friday that there is room for improving disclosure practices while striking a balance with the needs of financially struggling issuers.

BRADENTON, Fla. - Jefferson County, Ala., Thursday agreed to take the next week to review a counteroffer submitted by creditors holding $3.14 billion of variable- and auction-rate sewer warrants on which the government has defaulted.

BRADENTON, Fla. — Jefferson County, Ala., on Tuesday hired a national bankruptcy law firm to help determine whether to proceed with the largest Chapter 9 filing ever in the United States.

BRADENTON, Fla. — Commissioners in Jefferson County, Ala., will again meet in a special closed-door session this week in Birmingham to discuss a wide range of issues, including the possibility of filing for municipal bankruptcy.

BRADENTON, Fla. - Commissioners in Jefferson County, Ala., hired the California law firm Klee, Tuchin, Bogdanoff & Stern LLP as a consultant on strategies to resolve the county's financial crises.

Jefferson County, Ala., filed a brief notice with the bond market on Tuesday stating that it once again defaulted on its sewer warrants. The county said warrants were purchased by banks that entered into standby warrant purchase agreements.