|
Political Factoid
The massive $4.23 billion bankruptcy
of Jefferson County, Alabama,
started when the county officials
issued "warrants" in lieu of bonds*
to raise the money for their huge
sewer project.
| * |
Unlike bonds, the warrants did not require
direct voter approval.
(An example of "innovative financing.")
|
cf.
FPR?
|
|
-30-
|
