Alabama county cuts deal of debt

We spotted an article in the September 30, 2011 issue of “The Week,” a national magazine, which reminds us of Ogden Valley's own Mountain Valley sewer fiasco.

Jefferson County, Ala., has avoided “what could have been the 
biggest municipal bankruptcy filing in American history,” said Mary Williams Walsh in The New York Times.  Officials in the county, which includes Birmingham, have reached a deal to restructure $ 3 billion in debt, which grew out of a sewer system revamp plagued by flawed accounting and corruption. Under the proposal, the county’s Wall Street creditors would forgive about $ 1 billion of the debt, but residents would face higher bills for sewer service.

Does this sound familiar?