BRADENTON, Fla. - Jefferson County, Ala., commissioners late yesterday released a one-page "Overview of Strategic Plan" about how they may deal with $3.2 billion of troubled sewer warrants, most of them variable- and auction-rate securities insured by downgraded bond insurers and covered by out-of-synch swaps.

The overview, released to the media, vaguely outlines a proposed position that county commissioners have yet to officially consider. It was prepared by Merrill Lynch & Co., which was hired by the commissioners on June 1 to serve as their "financing adviser and structuring consultant" for the restructuring of the county's outstanding sewer debt.

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