BRADENTON, Fla. - Negotiators for Jefferson County, Ala., are preparing to take a complex plan to Wall Street they hope will restructure the county's troubled $3.2 billion of outstanding sewer debt, most of which is in auction- and variable-rate securities.

The plan primarily will consist of refinancing approximately $900 million of sewer debt with revenue from an existing sales tax and refinance about $700 million of sewer debt with revenues from an existing occupational license tax, while stabilizing the remaining debt with a portion of sewer revenue fees, a source familiar with the plan said yesterday.

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