BRADENTON, Fla. - Jefferson County, Ala., officials traveled to New York to meet the "financial community" and rating agencies on the county's progress since existing bankruptcy.
Three of five county commissioners made the trip along with chief finance officer George Tablack and deputy county manager Dan Biles, according to the Birmingham News; they planned to be in New York from May 11 through May 13.
"The primary purpose of the trip is to update the rating agencies, and in turn the financial community, on the county's current financial status," Commissioner David Carrington told the paper.
Officials expected to make a presentation showing the progress that Jefferson County has made since resolving its insolvency, the paper said.
The meetings were scheduled to take place at the offices of Citi, which was the lead underwriter on $1.8 billion of sewer refinancing warrants sold in December 2013 as a key element of the county's bankruptcy exit plan. The plan is being appealed.
County officials were reportedly expected to discuss the latest audit, the sewer system's capital plans, and a new financial software system.
It is not clear if Jefferson County officials planned to discuss a bill pending before the Legislature that, if passed, would allow the county to refund its 2004-A and 2005-A and C limited obligation school warrants and use the one cent sales tax to fund other projects.
Currently, the bonds are secured by a 1% sales tax that by law must be dedicated to education capital needs.
The complete refunding plan has not been made public, including whether the refundings would affect a requirement that some of the school warrants be redeemed early with excess revenue from tax collections or a bankruptcy exit plan requirement that excess tax proceeds be allocated to the 2005-B school warrants held by FMS Wertmanagement AöR.
House Bill 573 was read for the second time on May 5, and is now waiting to be scheduled for a third reading. The Alabama Legislature's session ends June 15.
