Posted on 07/26/2011 11:52:51 AM PDT by dragnet2
http://news.yahoo.com/ala-county-readies-possible-record-bankruptcy-155646239.html
BIRMINGHAM, Ala. (AP) Alabama's largest county began laying the groundwork Tuesday for what would be largest U.S. municipal bankruptcy
Officials in Jefferson County hope to avoid new layoffs but may have to raise sewer rates or trim public services. On Tuesday, county commissioners approved resolutions to hire prominent bankruptcy lawyers and to sell bonds later in case money is needed to emerge from a Chapter 9 bankruptcy, the type that can be filed by governments.
Jefferson County's bankruptcy filing would be nearly twice as large as the record one filed by Orange County, Calif., in 1994
The county already has laid-off hundreds of workers and reduced services because of problems unrelated to the bankruptcy threat, and commissioners said they did not anticipate additional immediate reductions should the county file for bankruptcy.
The county the state's historic economic hub with some 658,000 residents has been trying to avoid filing bankruptcy since 2008.
Loan payments skyrocketed because of increasing interest rates as global credit markets struggled, and the county could no longer afford to repay the money. In the meantime, a string of elected officials, public employees and business people were convicted of rigging the sweetheart deals that helped put the county in dire straits.
As if the sewer debt wasn't enough, the county has another major problem: Jefferson County already has laid off about 550 of its 2,300 workers and scaled back government services because courts struck down an occupational tax and business license that provided more than $74 million annually for its operating budget. Callers to a main county telephone number now get a recording telling them the automated system has been taken out of service because of the budget and to look up department numbers the old-fashioned way, in a phone book.
Watch for this to occur everywhere. Government at all levels spends too much, hires too many, pays their employees too much, becomes more restrictive and punitive and mismanages everything they touch.
On the other hand, the formerly democrat legislature DID have a lot to do with it, but we changed that in the 2010 election. We now have a Republican majority for the first time in over 130 years.
I think that is excuses. That is as bad as President Obama blaming the last administration for the recession. It is the exact same thing. That is the problem with government. Nobody wants to take responsibility for anything.
If they had the skills, it could be supported by setting up an Asterisk server.
Loan payments skyrocketed because of increasing interest rates as global credit markets struggled,
lol
This is the city in which I was born. Of course, back then (1940), it was quite prosperous and not corrupt. It was a pleasant city in which to grow up. I was told that one could go downtown in the wee hours of the morning and not worry about being assaulted. The city’s inhabitants and the police were that good.
Then, things changed, and not for the better.
I’m sure all these dimwit hacks were bribed but you are correct. Who was bribing them? Ultra-scummy bond salesmen at JP Morgan. I think I read that Goldman Sachs was participating too but Morgan paid them off to go away
Blame Wall Street not just the idiot hacks who were bamboozled by them
This is the city in which I was born. Of course, back then (1940), it was quite prosperous and not corrupt.>>>>>>>>
It was prosperous due to Steel. Steel is gone. Everyone black or white could get work back then.
You left for the tornado alley within tornado alley. Heads up!
Sounds good. I will call you if we need it. :-)
has been trying to avoid filing bankruptcy since 2008.
I seem to recall basically a white government during Bush's 8 years that literally rolled out the red carpet for tens of millions of illegal aliens, during war time no less.
This has choked off our hospitals, jails, social services, schools, health-care, created epic fraud, crime etc,....all on the backs of the tax payers...
ENLIGHTEN ME... What does that have to do with 40 years of Black Democrat corruption in Birmingham?
You need to ask this?
It's the same types of leftists, the same exact type of government corruption that forces all Americans in *all* counties to subsidize illegal aliens, while they choke off your health-care, jails, schools, social services, hospitals etc.
These figures below have likely tripled...
_________________________________________________________
Birmingham Business Journal February 9, 2007
Illegals raise countys health costs
Cooper Green Hospital has spent $6.7 million in uncompensated health care for undocumented immigrants over the past 16 months.
From September 2005 to September 2006, some 7,700 illegal immigrants visited the hospital, according to Cooper Green officials.
Jefferson Countys safety-net hospital assumed $5 million in uncompensated charges from those visits. In the first quarter of fiscal year 2007, which ended Jan. 31, Cooper Green incurred $1.7 million in uncompensated care losses from 2,700 visits from undocumented immigrants.
Ya getting enlightened yet?
I repeat: illegal immigration has had no meaningful impact on this situation.
And, please elaborate: who exactly are "people such as" me? Do you mean those of us who are familiar with mathematics? Or do you mean those of us who prefer to analyze news items on the underlying facts as opposed to those who prefer to shoehorn any and all stories into their pet narrative?
Ok. I give up. You have no clue about politics in Alabama and you obviously have no interest in the opinion of a life long citizen of Alabama. Fine...blame it on the governor.
That's deadly! Any idea how much that brain child move cost the county?
Regarding Larry Langford...I think of him as a small time version of Jamie Gorelick. Everywhere he goes he leaves a path of destruction. Mayor of Fairfield, ramrod behind Vision Land, president of the Jefferson County Commission and Mayor of Birmingham, leaving nothing but waste and devastation in his wake.
I am thankful every day that I live in Shelby County and that I'm on septic tank. Around Birmingham the realtors include septic tank as a selling point on for sale signs.
With reference to your post 49 to my post, I don’t know whether you are simply adding to the info or bringing me up to speed. Of course, I knew what created its prosperity and what took that prosperity away. Heck, the famous Sloss Furnace was no more than two miles from where I grew up (to age 10).
I am also cognizant of what “sociological” factors destroyed the city’s reputation. And I was making an oblique reference to them in my post.
My post was for anyone. These days there are a lot of people who don’t know that Birmingham Alabama was a great prosperous steel town. Same for Bessemer Alabama
Back in those glory days Birmingham would never have been bamboozled by sleazy bond salesmen
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