Jefferson County OK's Bond "warrants" for sewer debt

BIRMINGHAM, Ala. (AP) - Jefferson County commissioners have voted to approve the sale of $1.7 billion in sewer warrants to exit its historic bankruptcy. Chief U.S. Bankruptcy Judge Thomas Bennett for the Northern District of Alabama must approve of the county's bankruptcy exit plan and is presiding over a hearing that started Wednesday. Jefferson County's bankruptcy in November 2011 was the largest governmental bankruptcy in U.S. history until Detroit filed one this year for $18 billion. Part of it has been wiped out by creditors. County attorney Patrick Darby says the exit plan has gotten support from creditors AL.com reported that some county residents told the judge they don't like the exit plan because it means higher sewer rates.