BRADENTON, Fla. - Jefferson County, Ala., yesterday released a memo from its recently hired disclosure counsel "pertaining to the county's obligations and potential liability under the federal securities laws" for disclosing information relating to the county's troubled outstanding sewer debt obligations.

The memo, from Balch & BinghamLLP partner J. Foster Clark, comes as Jefferson County officials are coping with multiple bond insurer downgrades and significantly higher interest rates on variable- and auction-rate debt.

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