BRADENTON, Fla. — A Jefferson County, Ala., circuit court judge Thursday ordered U.S. Bank to release $27.4 million so the county could make an arbitrage rebate payment on the 2004 fixed-rate school warrants that the county defaulted on earlier this month.

The judge also ordered U.S. Bank — trustee for the school warrants the county sold in 2004 and 2005 — to honor the county’s written request for the release of funds for future arbitrage rebate payments.

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