UPDATE: Sewer debt crises are never dull

07.25.2008 by André Natta · → Leave a comment

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Where are we now? Retirement Systems of Alabama‘s David Bronner made front page news yesterday when he said that they’d be interested in purchasing Jefferson County’s sewer system for $1.2 billion – of the $3.2 billion in debt owed – provided that the county declare bankruptcy first so that the creditors could battle over how they’d get repaid. So of course someone representing the county fired back that it was an irresponsible plan. Which was followed by yet another response by Bronner saying the plans to raise fees and charges was the irresponsible solution. This condensed version doesn’t even take the politics into consideration.

The soap opera should end soon. The next payment is due in early August.

FYI – We knew that the headline was misspelled. We were waiting for someone to comment to give away a t-shirt, but the person who did decided to not give a real email address. Oh well, there’s always next time…

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