Jefferson County, Ala. Offers Plan to Exit from BankruptcyJuly 13, 2013 – In The News
Michael Sweet was quoted in the Engineering News-Record article "Jefferson County, Ala. Offers Plan to Exit from Bankruptcy." While the full text can be found in the July 10, 2013, issue of Engineering News-Record, a synopsis is noted below.
If Jefferson County, Alabama’s bankruptcy plan is approved later this year, it will wipe out more than $1.2 billion of sewer debt and leave residents to pay smaller sewer rate increases, by allowing the county to begin issuing $1.89 billion in new warrants in order to pay off the debt.
According to Michael Sweet, this could leave the county paying higher interest rates on the new debt however. “A county coming out of bankruptcy is going to have a tougher time” in the financial markets, Sweet said.