Ex-mayor (Democrat) Larry Langford is in prison
Isn’t this the county that had the sewage treatment plant boondoggle with Goldman Sachs and other investment firms?
"I hate it to the high heavens for him and his family. It's just devastating," Rep. John Rogers, D-Birmingham, said. "He's a good man. He's got flaws. We've all got flaws. Sometimes when you've got flaws people prey on your weakness. I think it sends a lesson to all public officials to be very, very careful," Rogers said.
''Larry is really a good-hearted man,'' Robinson said. ''I've always had a great deal of respect for him. He's just a genuinely nice individual. I really feel sad for his family, his wife and all of his family.''
NO, HE IS A CROOK!
IRS investigates Jefferson County sewer bonds’ tax-exempt status
Tuesday, June 07, 2011
Jefferson County said the Internal Revenue Service is investigating the tax-free status of sewer bonds that have landed the state’s largest county on the brink of bankruptcy.
The county has informed the Municipal Securities Rulemaking Board that the IRS has requested detailed information on the sewer bond sales of 2003. Those bonds raised money that was used to pay off previous bond investors who lent part of the $3.2 billion borrowed to fix the county’s sewer system.
They were sold as tax-free bonds, meaning investors who bought them would not be required to pay taxes on the income generated from periodic interest payments from the county.
Now, the IRS is questioning the tax-free status of the bonds known as the 2003 fixed rate warrants, auction rate warrants and variable demand warrants. The county warned that bond interest payments to investors might “be declared taxable and a tax liability could be assessed against the holders.”