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Retirement Systems of Alabama CEO David Bronner has dealt a wild card to the Jefferson County Commission in settling the County's $3.2 Billion sewer debt.
On Wednesday, Bronner circulated a letter stating that the RSA would be willing to buy the financially strapped system. But making that happen will require the county to file for Chapter 9 Bankruptcy.
Once done, a judge could then order the sale of the system for a more reasonable $2-billion dollars instead of the full 3.2 Billion.
It's a plan Commissioner Jim Carns believes may be a real solution to the sewer mess. "What I like about it, is that the tax payers are not going to be hit anymore. Period! I was concerned about the tax payers. I believe the rate payers are also going to be taken care of. And it doesn't get any better than that."
And Commissioner Bobby Humphryes adds that under the Bronner plan, only the sewer system and Environmental Department would be declared bankrupt. "It shouldn't affect the general obligations of the county and general operations of the county in any way."
But Dr. Bronner's proposal has caught some of the Commissioners off guard. Bettye Fine Collins says this move could cause problems for the new negotiating team in New York and that Bankruptcy is not an option for her. "I wouldn't have spent four months working on this, many times on Saturday or Sunday, if I believed the ultimate outcome would be Bankruptcy."
While not a fan of Bankruptcy, Commissioner Shelia Smoot says she's open to listening to any plan that could help the County to Recover. "We need to have a face to face with Dr. Bronner , simply because I am not one to follow behind the newspaper article. We haven't heard from David Bronner. So I called him this morning and told him we would like to sit down and look at his plan."
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