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BIRMINGHAM, Ala. (WIAT) – Jefferson County commissioners have given their approval to a plan that could pave the way for the county to exit bankruptcy.
According the commissioners, sewer creditors will concede about a billion dollars of the sewer debt.
That brings the total owed to roughly $2 billion.
To cover it, there will be a rate increase of 4.7 percent. It will drop to 3.9 percent after three years.
“It means that the quality of life in Jefferson County can start to improve. The commission can turn its sights on starting to get businesses to come back into the county and perhaps even the legislature might turn its sights toward giving Jefferson County a general fund fix,” Jefferson County attorney Kenneth Klee said.
A United States bankruptcy judge must approve the plan. It’s likely creditors who are not on board will file opposition. Commissioners say they expect to have the plan completely approved by the end of the year.
Copyright 2013 WIAT-TV CBS 42