Jefferson County

March 11, 2011, 10am PST
Budget-troubled Jefferson County, Alabama -- once thought to be on the brink of the largest municipal bankruptcy in U.S. history -- is moving forward with plans to clean up its finances.
Reuters
August 13, 2009, 2pm PDT
In 1993, Jefferson County, Alabama issued $3 billion in bonds to pay for a sewer system that would serve 150,000 people. Today, their financial situation is so bad they've stopped paying creditors and are close to declaring bankruptcy.
Governing Magazine