Then and now
Flushed away: Jefferson County is broke, and getting broker by the minute. The commission sent representatives to New York to meet with financial brokers to find a way to pay off the $3.2 billion in interest payments.
It all started with a broken-down sewer system, which led to court-ordered fixes, which led to bonds to raise funds, which led to unsupervised hiring of contractors, which led to corruption and payoffs, which led to bond swaps to get supposedly better deals.
On Thursday, the commission rejected a proposed plan from Merrill Lynch to create an independent oversight board. Naturally, the commission is paying Merrill Lynch $75,000 a month to make proposals for it to reject.
If the commission doesn’t come up with a plan by Aug. 1, it will default on $100 million in payments. Not to mention the possibility of filing for bankruptcy, the largest in U.S. history.
So much for solvency. So much more for leadership.
More on festivals, war and schools, after the jump …
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