BRADENTON, Fla. - A proposed restructuring plan reportedly being offered by Alabama Gov. Bob Riley to Jefferson County's sewer system creditors would require bondholders to accept a lower interest rate, banks to buy back some or all of the county's auction-rate securities, and swap counterparties to seek reimbursement for termination payments from bond insurers.

The proposed plan, leaked to the Birmingham News and published yesterday, was supposed to be kept under wraps until Wall Street had an opportunity to vet it "before people start attacking it," County Commissioner Shelia Smoot said in an interview with The Bond Buyer on Tuesday.

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