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Politics : Formerly About Advanced Micro Devices

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To: tejek who wrote (569076)6/1/2010 8:10:11 AM
From: Alighieri  Read Replies (1) of 1571689
 
Jefferson County, Alabama's most populous county, with some 665,000 residents, is shouldering about $5 billion of debt, most of which was issued to overhaul its sewer system in the mid-1990s. But the county's real troubles stem from a 2003 refinancing of the original fixed-rate bonds and a corrupt local government that accepted kickbacks in exchange for mangling the county's portfolio.

This thing has been a huge mess and has been in the news constantly...the county (Birmingham) instituted a special tax to cover this, but challenges are under way...the folks down there don't want to take care of their shit...so to speak.

Al
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