BRADENTON, Fla. - Jefferson County, Ala., officials said in a new disclosure notice late last week that they might not be able to resolve financial problems afflicting $3.2 billion in outstanding sewer revenue warrants.

The disclosure comes as the former executive director of the Municipal Securities Rulemaking Board, Christopher Taylor, told the Bond Buyer Friday that the county's problems reflect its aggressive use of auction-rate debt and swaps.

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