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Jefferson County votes to file for the largest municipal bankruptcy in U.S. history « Second Front

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After two days of meetings in and out of public and months of settlement negotiations, the Jefferson County Commission voted Tuesday to proceed with bankruptcy filings and become the largest municipal bankruptcy in U.S. history.

After thanking Alabama Gov. Robert Bentley for supporting Jefferson County in negotiations with the county’s creditors, Commissioner Jimmie Stephens motioned for the filing, and Commissioner Sandra Little Brown seconded the motion.

Carrington apologized for the effect the bankruptcy — which will be twice the size of Orange Co., Calif.’s bankruptcy filing, the current recordholder — will have on the state of Alabama and other municipalities.

“I’m sorry, I feel like this has to be done,” Carrington said.

Attorneys for Jefferson County filed a bankruptcy petition at 4:29 p.m. Hearings could begin as early as Thursday morning.

via Jefferson County votes to file for the largest municipal bankruptcy in U.S. history « Second Front.

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Written by edparnell

November 14, 2011 at 8:19 am

Posted in Fail, Money, Politics

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