JeffCo Commission Hires New Bond Debt Team
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New County Debt Team
Jefferson County Commission votes to fire its current financial team and hire a new one as it looks to restructure billions in sewer system debt.The Jefferson County Commission voted Tuesday to fire the financial team that had been working for six months to restructure the county’s three billion dollar sewer system debt.
A new financial team that will continue debt restructuring negotiations was hired as part of the resolution passed by a vote of three to two.
Republican Commission President Bettye Fine Collins voted with the panel’s two Democrats to secure the change in financial teams.
Republicans against the move worry the new financial advisors may suggest legalized gambling as a way to raise funds to pay off sewer debts.
Still, a majority of commissioners say that any debt resolution plan developed by the newly hired financial team that includes legalized gambling would fail if it ever came to a vote.
The county’s new financial team went to work immediately as a multi-million dollar payment on the county’s multi-billion dollar debt is due August, 1st, and without a restructuring agreement the county could default on that payment.
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