Riley Meets with Creditors over Sewer Debt Crisis
CBS 42 News
2008-08-29 14:54:17.0
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Some progress in Jefferson County's sewer debt crisis. Governor Bob Riley met with creditors on Friday and released a statement.
"The County presented a proposal that provides for a restructure of the existing bond debt at lower, fixed interest rates over a longer term. Creditors received the proposal and agreed to respond next week. In the meantime, the county will be presented with a proposal from the creditors to forbear until September 30 at no cost to the county. The tone of the meeting was positive and constructive and I remain willing to facilitate further progress towards a solution."
He says the meeting was positive as the county unveiled a plan to re-structure the debt over a longer term. Next week creditors could forbear or hold off, until September 30th, at no cost the county.
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