Updates to our Terms of Use

We are updating our Terms of Use. Please carefully review the updated Terms before proceeding to our website.

Thursday, March 28, 2024 | Back issues
Courthouse News Service Courthouse News Service

Multibillion-Dollar Sewer Fiasco Still Bubbling

BIRMINGHAM, Ala. (CN) - In the continuing, multibillion-dollar sewer bond fiasco, the Bank of New York Mellon says Jefferson County owes it $3.2 billion - and the bill is due. The bank says more than $331 million is past due, and the county has failed and refused "to operate the system in a manner that will generate net revenue sufficient to service the county's warrant obligations."

The bank sued Jefferson County and its commissioners in Jefferson County Court. It demands the $3.2 billion owed by the County Water and Sewer Board for six years of sewer revenue capital improvement warrants.

The warrants were secured with future net revenue from the water and sewer system. Now county residents face enormous sewer fee hikes, and the county itself is facing bankruptcy.

Categories / Uncategorized

Subscribe to Closing Arguments

Sign up for new weekly newsletter Closing Arguments to get the latest about ongoing trials, major litigation and hot cases and rulings in courthouses around the U.S. and the world.

Loading...