BIRMINGHAM, Ala. (AP) - The Jefferson County Commission has reached a tentative deal to reduce its multi-billion dollar sewer debt.
The county finance committee approved the deal Tuesday afternoon in a 4-1 vote. The deal still must be approved by a judge and creditors. If approved, the deal would end the largest government bankruptcy in American history.
Attorney Ken Klee has said the county would submit a plan to exit its $4.23 billion bankruptcy by the end of June. Of the total bankruptcy amount, more than $3 billion is linked to deals involving sewer financing.
Commissioners say the compromise calls for creditors with sewer warrants getting back about 60% of what they're owed. Commissioners are also mulling raising sewer rates by 4.7% over the next three years to pay the debt.
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