Alabama

BRADENTON, Fla. - Jefferson County is asking creditors holding its $3.14 billion of defaulted variable- and auction-rate sewer warrants to take a haircut of $1.3 billion, the Birmingham News said Sunday.

WASHINGTON - Securities and Exchange Commission chairman Mary Schapiro is expected to preside over a one-day hearing on the municipal securities market near Birmingham, Ala., in two weeks, sources said.

Jefferson County on Monday turned over sewer accounts containing about $60 million in revenue to the court-appointed receiver for the sewer system, according to the Birmingham News.

DALLAS — A Jefferson County, Ala., circuit judge on Friday gave total control over all finances of the county's sewer utility to the court-appointed receiver of the system, which is in default on more than $3 billion of revenue debt.

Alabama Gov. Robert Bentley softened his stance on supporting bankruptcy for Jefferson County last week, according to the Birmingham News.

BRADENTON, Fla. - Jefferson County, Ala., agreed not to file for bankruptcy in return for a 30-day "standstill" agreement under which the receiver for the county's sewer system will allow negotiations to resume over defaulted sewer debt and won't pursue a rate increase - at least for now.

BRADENTON, Fla. - The Alabama court-appointed receiver in charge of managing Jefferson County's sewer system - as well as its defaulted warrants and swaps - is demanding that the county turn over $75 million from its general fund.

Alabama Gov. Robert Bentley last week signed the Fiscal Transparency Act into law enabling the public to view monthly reports on the Internet about the state's finances.

BRADENTON, Fla. — The fiscal distress in Jefferson County has elicited renewed calls from a financial analyst for investors to be cautious when buying debt sold by issuers from Alabama.

BRADENTON, Fla. - Alabama Attorney General Luther Strange Wednesday filed a motion to intervene on behalf of Jefferson County's sewer ratepayers in the receivership case involving the county's sewer system.

BRADENTON, Fla. — The receiver appointed to take charge of the debt-laden sewer system in Jefferson County is recommending that rates be increased to counter a decline in the number of customers, maintain the system and pay outstanding debt.

BRADENTON, Fla. - Jefferson County ordered that plans to place nearly 1,000 employees on administrative leave without pay be prepared this week as the government struggles to stay solvent through the fiscal year end.

Former Jefferson County commissioner Chris McNair on Monday reported to a federal prison in Illinois to begin a five-year sentence for corruption related to contracts for rebuilding the county’s sewer system, according to the Birmingham News.

BRADENTON, Fla. — Jefferson County commissioners Tuesday began making plans for placing nearly 1,000 workers on administrative leave without pay as they await legislative action to help solve the Alabama county’s ongoing financial crisis.

BRADENTON, Fla. — The Birmingham, Ala., Water Works Board on Monday will take orders from retail investors for $133.9 million of senior revenue bonds.

BRADENTON, Fla. — Moody’s Investors Service Monday upgraded the Birmingham Water Works Board’s senior revenue bonds to Aa2 from Aa3 and its subordinate bonds to Aa3 from A1.

With 36 Alabama counties declared eligible for federal disaster assistance due to tornadoes and storms that ravaged the state on April 27, lawmakers took action to protect schools and homeowners.

BRADENTON, Fla. — The devastating string of tornadoes in the Southeast last week killed hundreds of people while wiping homes and businesses off the map.

BRADENTON, Fla. — The Alabama Supreme Court Friday denied a motion by JPMorgan and other defendants to dismiss a lawsuit that was filed by Jefferson County in November 2009.

BRADENTON, Fla. — Jefferson County, Ala., faces a $77 million deficit by the end of the fiscal year due primarily to the loss of tax revenues while “contingent” expenses could render the county insolvent, according to the national turn-around firm FTI Consulting.