Jefferson County, Ala., commissioners offered the position of county manager to Hoover Mayor Tony Petelos Tuesday. He accepted and will start Tuesday, according to published reports.
As the county’s first professional manager, Petelos will oversee implementation of a settlement agreed to with holders of $3.11 billion in defaulted Jefferson County sewer warrants.
The bondholders agreed to take a billion-dollar haircut on the principal while the remaining debt is refinanced.
The settlement agreement still requires Alabama legislative approval, notably for the state’s agreement to provide its moral obligation pledge to help support refinanced sewer debt.
Petelos is also responsible for dealing with the county’s strained general fund operating budget, which lost a key revenue source when a court overturned an occupational tax.
He served 11 years in the Legislature. In 2009, lawmakers passed a measure mandating that Jefferson hire a manager to help the County Commission move forward with resolving its financial problems.