Jefferson County today completed the refinancing of $2.24 billion in sewer revenue warrants, achieving total savings of $1.17 billion, officials announced today.movement Reduce county payments on overall sewer debt.

More than a decade has passed since the Jefferson County Commission passed the largest local bankruptcy filing in history in 2011.

Since then, Jefferson County officials have been working to get the county out of a financial rut.

The refinancing did not require extending the maturity of the sewer debt. This included provisions for customer assistance programs and stable rate increases.

“This is great news for the residents of Jefferson County.”” said Commission Chairman Jimmy Stevens. “It stabilizes the financial position of the county.

“When we emerged from bankruptcy, we made a promise to restore our credibility and reputation, and we kept that promise today. Thank you for your involvement.”

In 1996, a federal judge found that Jefferson County's sewage was polluting the area's rivers and ordered the county to repair and rebuild its sewer system.

The county then embarked on a massive fundraising campaign, borrowing millions of dollars for sewer repairs and setting aside $1.05 billion for school construction.

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Then the 2008 financial crisis hit the United States, leaving Jefferson County in dire straits.The ith billions of dollars were borrowed.

The financial collapse resulted in fines and interest rate increases on the county's sewer debt, leaving it open to lawsuits from bond insurance companies.

“Since bankruptcy, we have been rebuilding Jefferson County, piece by piece. Today's market has confirmed our efforts. This is a joint effort with our team in the county and their hard work. Your hard work has made this possible.” said Commissioner Joe Knight, Chair of the Finance Committee.

County Manager Cal Marquardt said, “This transaction is a testament to the work of county staff and the Department of Environmental Services in creating a sustainable, well-run department that will serve residents for years to come.” It is a reflection of the

The financing team that worked with the county included underwriter Raymond James & Associates. Stifel, Nicolaus & Company; B of A Securities. Morgan Stanley & Company; Siebert Williams & Shank; Loop Capital Markets; Jefferies and Piper Sandler & Company.

In the wake of the financial crisis and subsequent lawsuits from bond insurance companies, then-Chairman Larry Langford, lobbyist Al LaPierre, and Montgomery investment banker Bill Blount were involved in illegal bond exchanges. There was found.

All three were indicted and convicted on federal corruption charges.

Grayson Everett is the state and politics editor for Yellowhammer News. You can follow him on Twitter @Grayson270.