Alabama's most populous county was unable to make an $83.5 million interest payment on its enormous sewer debt Tuesday and could decide within days whether to file what would be the largest municipal bankruptcy in U.S. history.
The president of the Jefferson County Commission, Betty Fine Collins, said the county lacked the cash to make the payment. Talks continued between Gov. Bob Riley's office and Wall Street lenders, who previously extended a deadline for the payment.
"This county has no funds to meet that payment and will not do it," she told reporters after a commission meeting.
