The whole reason to put Langford into the Mayor's office is to break the city of Birmingham such that thousands of useless crony-jobs are terminated in bankruptcy court.
There is no politically acceptable way for a dying city to fire thousands of employees, save for bankruptcy.
Birmingham has hundreds of neighborhood associations that vote down every new corporate development...which is why Mercedes, Honda, Toyota, Kia/Hyundai and others have all located near, but outside, the city limits.
The city will continue to hemorage population and jobs until that powerhold is broken.
Langford just speeds up that process, as the city has to go bankrupt, first.
When liquidity dried up, no one wanted to buy their paper, at any rate, so that 1/4 point savings was lost in about a week. Luckily, they hedged against a general rise in rates. Unfortunately, rates fell, except on this type of paper.
They owe more on their debt and now their hedge is losing money as the Fed cuts the FF rate.
A broker I used to know said, "a spread ain't nothin' but a stick with shit on both ends". They got the mother of all shitty sticks.
Tell me about it. NIMBY was invented here, particularly in Homewood and Mountain Brook, in the 1950s, and NOT in California.
The 280 corridor is a real case in point - the NIMBY voters will probably manage to block every solution until Shelby County growth is choked, when the traffic gets so bad nobody wants to deal with it in any form.