Ala. Retirement Czar Calls For County Ch. 9 Filing

Law360, New York (August 15, 2008, 12:00 AM EDT) -- The director of the Retirement System of Alabama recommended Friday that the state’s largest county enter Chapter 9 bankruptcy in order to sell its scandal-ridden sewer system and unburden itself of $3.2 billion in debt obligation.

RSA Director David Bronner outlined his plan Friday morning to take over the Jefferson County sewer system and guide it through municipal bankruptcy, although the county commission largely opposes the plan.

The sewer system has been at the center of a municipal bond scandal that has led to 21 guilty...
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