Jefferson County, Ala., commissioners Tuesday approved a restructuring agreement with Ambac Assurance Corp. to reduce annual payments that secure $82.5 million of revenue warrants sold in 2006, and to extend the final maturity, according to the Birmingham News.

The deal, which still must be approved by the judge overseeing the county’s bankruptcy case, reportedly would reduce JeffCo’s annual debt payments to between $4 million and $5 million, from $8.3 million. The maturity schedule would be extended to 2037 from 2026.

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