Jefferson County defaults on interest payment

BIRMINGHAM, AL (WSFA) -- It appears the state's most populous county missed an $83 million interest payment on it's multi-billion dollar sewer debt.

Commissioners say the county lacks the cash to make the payment due earlier today.

Missing the payment will put the county in default on interest payment. We're told a decision on whether to file bankruptcy could come soon.

Meanwhile, talks between Governor Bob Riley and wall street lenders will continue today.

The Retirement Systems of Alabama offered to buy the system after it declared bankruptcy.

The county refused the offer. Now, barring a miracle, the sewer board will be forced into the largest municipal bankruptcy in U.S. history.