Ala. Gov. Asks US To Help Nearly Bankrupt County

Law360, New York (October 29, 2008, 12:00 AM EDT) -- Two weeks after Jefferson County, Ala., narrowly voted not to file for what would have been the largest municipal bankruptcy in history, the state's governor said bankruptcy was still a possibility, while holding out hope that the federal government would step in to help the county refinance its $3.2 billion debt.

On Tuesday, Gov. Bob Riley told the chamber of commerce in Birmingham, the county's largest city, that if the government can afford the $700 billion bailout package, it should be willing to help the county,...
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